Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Dec. 28, 2013 | |
Entity Registrant Name | 'TYSON FOODS INC |
Entity Central Index Key | '0000100493 |
Document Type | '8-K |
Document Period End Date | 28-Dec-13 |
Amendment Flag | 'false |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Sales | $8,761 | $8,366 |
Cost of Sales | 8,076 | 7,827 |
Gross Profit | 685 | 539 |
Operating Expenses: | ' | ' |
Selling, general and administrative | 273 | 235 |
Operating Income (Loss) | 412 | 304 |
Other (Income) Expense: | ' | ' |
Interest income | -2 | -1 |
Interest expense | 28 | 37 |
Other, net | 3 | 0 |
Total Other (Income) Expense | 29 | 36 |
Income from Continuing Operations before Income Taxes | 383 | 268 |
Income Tax Expense | 131 | 96 |
Income from Continuing Operations | 252 | 172 |
Loss from Discontinued Operation, Net of Tax | 0 | -4 |
Net Income | 252 | 168 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | -2 | -5 |
Net Income Attributable to Tyson | 254 | 173 |
Amounts attributable to Tyson: | ' | ' |
Net income from continuing operations attributable to Tyson | 254 | 177 |
Net Loss from Discontinued Operation | $0 | ($4) |
Weighted Average Shares Outstanding: | ' | ' |
Diluted, Shares | 354 | 362 |
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' |
Diluted (USD per share) | $0.72 | $0.49 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' |
Diluted (USD per share) | $0 | ($0.01) |
Net Income Per Share Attributable to Tyson: | ' | ' |
Diluted (USD per share) | $0.72 | $0.48 |
Class A [Member] | ' | ' |
Weighted Average Shares Outstanding: | ' | ' |
Basic, Shares | 271 | 285 |
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0.76 | $0.51 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0 | ($0.01) |
Net Income Per Share Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0.76 | $0.50 |
Dividends Declared Per Share: | ' | ' |
Dividends Declared (USD per share) | $0.10 | $0.16 |
Class B [Member] | ' | ' |
Weighted Average Shares Outstanding: | ' | ' |
Basic, Shares | 70 | 70 |
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0.68 | $0.46 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0 | ($0.01) |
Net Income Per Share Attributable to Tyson: | ' | ' |
Basic (USD per share) | $0.68 | $0.45 |
Dividends Declared Per Share: | ' | ' |
Dividends Declared (USD per share) | $0.09 | $0.14 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income | $252 | $168 |
Other Comprehensive Income (Loss), Net of Taxes: | ' | ' |
Derivatives accounted for as cash flow hedges | -2 | -9 |
Investments | 3 | -2 |
Currency translation | -11 | -1 |
Postretirement benefits | 2 | 1 |
Total Other Comprehensive Income (Loss), Net of Taxes | -8 | -11 |
Comprehensive Income (Loss) | 244 | 157 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -5 |
Comprehensive Income Attributable to Tyson | $246 | $162 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $825 | $1,145 |
Accounts receivable, net | 1,497 | 1,497 |
Inventories | 2,778 | 2,817 |
Other current assets | 130 | 145 |
Total Current Assets | 5,230 | 5,604 |
Net Property, Plant and Equipment | 4,072 | 4,053 |
Goodwill | 1,907 | 1,902 |
Intangible Assets | 133 | 138 |
Other Assets | 502 | 480 |
Total Assets | 11,844 | 12,177 |
Liabilities and Shareholders' Equity | ' | ' |
Current debt | 52 | 513 |
Accounts payable | 1,477 | 1,359 |
Other current liabilities | 1,077 | 1,138 |
Total Current Liabilities | 2,606 | 3,010 |
Long-Term Debt | 1,890 | 1,895 |
Deferred Income Taxes | 450 | 479 |
Other Liabilities | 582 | 560 |
Commitments and Contingencies (Note 15) | ' | ' |
Shareholders' Equity: | ' | ' |
Capital in excess of par value | 2,388 | 2,292 |
Retained earnings | 5,219 | 4,999 |
Accumulated other comprehensive loss | -116 | -108 |
Treasury stock, at cost - 52 million shares at December 28, 2013, and 48 million shares at September 28, 2013 | -1,245 | -1,021 |
Total Tyson Shareholders' Equity | 6,285 | 6,201 |
Noncontrolling Interest | 31 | 32 |
Total Shareholders' Equity | 6,316 | 6,233 |
Total Liabilities and Shareholders' Equity | 11,844 | 12,177 |
Class A [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | 32 | 32 |
Convertible Class B [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | $7 | $7 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Treasury Stock, shares | 52 | 48 |
Class A [Member] | ' | ' |
Common stock, par value | 0.1 | 0.1 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 322 | 322 |
Convertible Class B [Member] | ' | ' |
Common stock, par value | 0.1 | 0.1 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 70 | 70 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net Income | $252 | $168 |
Depreciation and amortization | 127 | 130 |
Deferred income taxes | -15 | -9 |
Convertible debt discount | -92 | 0 |
Other, net | 22 | 23 |
Net changes in working capital | 67 | -122 |
Cash Provided by Operating Activities | 361 | 190 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -140 | -157 |
Purchases of marketable securities | -10 | -7 |
Proceeds from sale of marketable securities | 9 | 8 |
Other, net | -3 | 4 |
Cash Used for Investing Activities | -144 | -152 |
Cash Flows From Financing Activities: | ' | ' |
Payments on debt | -379 | -35 |
Net proceeds from borrowings | 6 | 24 |
Purchases of Tyson Class A common stock | -159 | -115 |
Dividends | -25 | -53 |
Stock options exercised | 12 | 19 |
Other, net | 5 | 2 |
Cash Used for Financing Activities | -540 | -158 |
Effect of Exchange Rate Changes on Cash | 3 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | -320 | -120 |
Cash and Cash Equivalents at Beginning of Year | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | $825 | $951 |
Accounting_Policies
Accounting Policies | 3 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Policy Text Block [Abstract] | ' | ||||||||||||||
Accounting Policies | ' | ||||||||||||||
ACCOUNTING POLICIES | |||||||||||||||
BASIS OF PRESENTATION | |||||||||||||||
The consolidated condensed financial statements have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended September 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of December 28, 2013, and the results of operations for the three months ended December 28, 2013, and December 29, 2012. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year. | |||||||||||||||
CONSOLIDATION | |||||||||||||||
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||
VARIABLE INTEREST ENTITIES | |||||||||||||||
We have an investment in a joint venture, Dynamic Fuels LLC (Dynamic Fuels), in which we have a 50 percent ownership interest. Dynamic Fuels qualifies as a variable interest entity for which we consolidate as we are the primary beneficiary. At December 28, 2013, Dynamic Fuels had $160 million of total assets, of which $138 million was net property, plant and equipment, and $113 million of total liabilities, of which $100 million was long-term debt. At September 28, 2013, Dynamic Fuels had $166 million of total assets, of which $142 million was net property, plant and equipment, and $113 million of total liabilities, of which $100 million was long-term debt. | |||||||||||||||
SHARE REPURCHASES | |||||||||||||||
A summary of cumulative share repurchases of our Class A stock is as follows (in millions): | |||||||||||||||
Three Months Ended | |||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||
Shares repurchased: | |||||||||||||||
Under share repurchase program | 4.6 | $ | 150 | 5.1 | $ | 100 | |||||||||
To fund certain obligations under equity compensation plans | 0.3 | 9 | 0.8 | 15 | |||||||||||
Total share repurchases | 4.9 | $ | 159 | 5.9 | $ | 115 | |||||||||
As of December 28, 2013, 9.6 million shares remained available for repurchase. On January 30, 2014, our Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program. The share repurchase program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. | |||||||||||||||
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||||||||||||||
In December 2011 and February 2013, the Financial Accounting Standards Board (FASB) issued guidance enhancing disclosures related to offsetting of certain assets and liabilities. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. We adopted this guidance in the first quarter of fiscal 2014. The adoption did not have a significant impact on our consolidated condensed financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Dec. 28, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
ACQUISITIONS | |
During fiscal 2013, we acquired two value-added food businesses as part of our strategic expansion initiative, which are included in our Prepared Foods segment. The aggregate purchase price of the acquisitions was $106 million, which included $50 million for property, plant and equipment, $41 million allocated to Intangible Assets and $12 million allocated to Goodwill. |
Discontinued_Operation
Discontinued Operation | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operation | ' | ||||||||
DISCONTINUED OPERATION | |||||||||
After conducting an assessment during fiscal 2013 of our long-term business strategy in China, we determined our Weifang operation (Weifang), which was previously part of our Chicken segment, was no longer core to the execution of our strategy given the capital investment it required to execute our future business plan. Consequently, we conducted an impairment test and recorded a $56 million impairment charge in the second quarter of fiscal 2013. We subsequently sold Weifang which resulted in reporting it as a discontinued operation. The sale was completed in July 2013 and did not result in a significant gain or loss as its carrying value approximated the sales proceeds at the time of sale. Weifang's prior periods results, including the impairment charge, have been reclassified and presented as a discontinued operation in our Consolidated Condensed Statements of Income. The following is a summary of the discontinued operation's results (in millions): | |||||||||
Three Months Ended | |||||||||
December 28, 2013 | December 29, 2012 | ||||||||
Sales | $ | — | $ | 36 | |||||
Pretax loss | — | (4 | ) | ||||||
Income tax expense | — | — | |||||||
Loss from discontinued operation, net of tax | $ | — | $ | (4 | ) | ||||
Inventories
Inventories | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. Total inventory consists of the following (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Processed products: | ||||||||
Weighted-average method – chicken, prepared foods and international | $ | 780 | $ | 799 | ||||
First-in, first-out method – beef and pork | 622 | 624 | ||||||
Livestock – first-in, first-out method | 982 | 1,002 | ||||||
Supplies and other – weighted-average method | 394 | 392 | ||||||
Total inventory | $ | 2,778 | $ | 2,817 | ||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant And Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Land | $ | 99 | $ | 100 | ||||
Buildings and leasehold improvements | 2,958 | 2,945 | ||||||
Machinery and equipment | 5,535 | 5,504 | ||||||
Land improvements and other | 421 | 417 | ||||||
Buildings and equipment under construction | 292 | 236 | ||||||
9,305 | 9,202 | |||||||
Less accumulated depreciation | 5,233 | 5,149 | ||||||
Net property, plant and equipment | $ | 4,072 | $ | 4,053 | ||||
Other_Current_Liabilities
Other Current Liabilities | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Accrued salaries, wages and benefits | $ | 293 | $ | 419 | ||||
Self-insurance reserves | 268 | 267 | ||||||
Income taxes payable | 143 | 111 | ||||||
Other | 373 | 341 | ||||||
Total other current liabilities | $ | 1,077 | $ | 1,138 | ||||
Debt
Debt | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The major components of debt are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Revolving credit facility | $ | — | $ | — | ||||
Senior notes: | ||||||||
3.25% Convertible senior notes due October 2013 (2013 Notes) | — | 458 | ||||||
6.60% Senior notes due April 2016 (2016 Notes) | 638 | 638 | ||||||
7.00% Notes due May 2018 | 120 | 120 | ||||||
4.50% Senior notes due June 2022 (2022 Notes) | 1,000 | 1,000 | ||||||
7.00% Notes due January 2028 | 18 | 18 | ||||||
Discount on senior notes | (5 | ) | (6 | ) | ||||
GO Zone tax-exempt bonds due October 2033 (0.05% at 12/28/2013) | 100 | 100 | ||||||
Other | 71 | 80 | ||||||
Total debt | 1,942 | 2,408 | ||||||
Less current debt | 52 | 513 | ||||||
Total long-term debt | $ | 1,890 | $ | 1,895 | ||||
Revolving Credit Facility | ||||||||
We have a $1.0 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in August 2017. After reducing the amount available by outstanding letters of credit issued under this facility, the amount available for borrowing at December 28, 2013, was $964 million. At December 28, 2013, we had outstanding letters of credit issued under this facility totaling $36 million, none of which were drawn upon. We had an additional $146 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs, derivative activities and Dynamic Fuels’ Gulf Opportunity Zone tax-exempt bonds. | ||||||||
This facility is unsecured. However, if at any time (the Collateral Trigger Date) we shall fail to have (a) a corporate rating from Moody's Investors Service, Inc. (Moody's) of "Ba1" or better, (b) a corporate rating from Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business (S&P), of "BB+" or better, or (c) a corporate rating from Fitch Ratings, a wholly owned subsidiary of Fimalac, S.A. (Fitch), of "BB+" or better, we, any subsidiary that has guaranteed any material indebtedness of the Company, and substantially all of our other domestic subsidiaries shall be required to secure the obligations under the credit agreement and related documents with a first-priority perfected security interest in our and such subsidiary's cash, deposit and securities accounts, accounts receivable and related assets, inventory and proceeds of any of the foregoing (the Collateral Requirement). | ||||||||
If on any date prior to any Collateral Trigger Date we shall have (a) a corporate rating from Moody's of "Baa2" or better, (b) a corporate rating from S&P of "BBB" or better and (c) a corporate rating from Fitch of "BBB" or better, in each case with stable or better outlook, then the Collateral Requirement will no longer be effective. | ||||||||
This facility is fully guaranteed by Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, until such date TFM Parent is released from all of its guarantees of other material indebtedness. If in the future any of our other subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall also be required to guarantee the indebtedness, obligations and liabilities under this facility. | ||||||||
2013 Notes | ||||||||
In September 2008, we issued $458 million principal amount 3.25% convertible senior unsecured notes which were due October 15, 2013. In connection with the issuance of the 2013 Notes, we entered into separate call option and warrant transactions with respect to our Class A stock to minimize the potential economic dilution upon conversion of the 2013 Notes. The call options contractually expired upon the maturity of the 2013 Notes. The 2013 Notes matured on October 15, 2013 at which time we paid the $458 million principal value with cash on hand, and settled the conversion premium by issuing 11.7 million shares of our Class A stock from available treasury shares. Simultaneous to the settlement of the conversion premium, we received 11.7 million shares of our Class A stock from the call options. | ||||||||
The warrants permit the purchasers to acquire up to approximately 27 million shares of our Class A stock at the current exercise price of $22.13 per share, subject to adjustment. The warrants are exercisable on various dates from January 2014 through April 2014. A 10% increase in our share price above the $22.13 warrant exercise price would result in the issuance of 2.5 million incremental shares. At $33.47, our closing share price on December 28, 2013, the incremental shares we would be required to issue upon exercise of the warrants would have resulted in 9.2 million shares. | ||||||||
2016 Notes | ||||||||
The 2016 Notes carry an interest rate at issuance of 6.60%, with an interest step up feature dependent on their credit rating. On June 7, 2012, Moody's upgraded the credit rating of the 2016 Notes from "Ba1" to "Baa3." This upgrade decreased the interest rate on the 2016 Notes from 6.85% to 6.60%, effective beginning with the six-month interest payment due October 1, 2012. | ||||||||
On February 11, 2013, S&P upgraded the credit rating of the 2016 Notes from "BBB-" to "BBB." This upgrade did not impact the interest rate on the 2016 Notes. | ||||||||
2022 Notes | ||||||||
In June 2012, we issued $1.0 billion of senior unsecured notes, which will mature in June 2022. The 2022 Notes carry a 4.50% interest rate, with interest payments due semi-annually on June 15 and December 15. After the original issue discount of $5 million, based on an issue price of 99.458%, we received net proceeds of $995 million. In addition, we incurred offering expenses of $9 million. | ||||||||
GO Zone Tax-Exempt Bonds | ||||||||
In October 2008, Dynamic Fuels received $100 million in proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds made available by the federal government to the regions affected by Hurricanes Katrina and Rita in 2005. These floating rate bonds are due October 1, 2033. We issued a letter of credit to effectively guarantee the bond issuance. If any amounts are disbursed related to this guarantee, we would seek recovery of 50% (up to $50 million) from Syntroleum Corporation, our joint venture partner, in accordance with our 2008 warrant agreement with Syntroleum Corporation. | ||||||||
Debt Covenants | ||||||||
Our revolving credit facility contains affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into sale/leaseback or hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios. | ||||||||
Our 2022 Notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets. | ||||||||
We were in compliance with all debt covenants at December 28, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The effective tax rate for continuing operations was 34.3% and 35.8% for the first quarter of fiscal 2014 and 2013, respectively. The effective tax rate for the first quarter of fiscal 2014 was impacted by such items as the domestic production deduction, state income taxes and losses in foreign jurisdictions for which no benefit is recognized. | |
Unrecognized tax benefits were $169 million and $175 million at December 28, 2013, and September 28, 2013, respectively. The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $144 million and $149 million at December 28, 2013, and September 28, 2013, respectively. | |
We classify interest and penalties on unrecognized tax benefits as income tax expense. At December 28, 2013, and September 28, 2013, before tax benefits, we had $69 million and $63 million, respectively, of accrued interest and penalties on unrecognized tax benefits. | |
We are subject to income tax examinations for U.S. federal income taxes for fiscal years 2007 through 2012. We are also subject to income tax examinations by major state and foreign jurisdictions for fiscal years 2003 through 2012 and 2002 through 2012, respectively. We estimate that during the next twelve months it is reasonably possible that unrecognized tax benefits could decrease by as much as $41 million primarily due to expiration of statutes of limitations in various jurisdictions and settlements with taxing authorities. |
Other_Income_And_Charges
Other Income And Charges | 3 Months Ended |
Dec. 28, 2013 | |
Other Income and Expenses [Abstract] | ' |
Other Income And Charges | ' |
OTHER INCOME AND CHARGES | |
During the first quarter of fiscal 2014, we recorded $2 million of equity earnings in joint ventures, $1 million in net foreign currency exchange gains and $6 million of other than temporary impairment related to an available-for-sale security, which were recorded in the Consolidated Condensed Statements of Income in Other, net. | |
During the first quarter of fiscal 2013, we recorded $3 million of equity earnings in joint ventures and $3 million in net foreign currency exchange losses, which were recorded in the Consolidated Condensed Statements of Income in Other, net. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
EARNINGS PER SHARE | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): | ||||||||
Three Months Ended | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Numerator: | ||||||||
Income from continuing operations | $ | 252 | $ | 172 | ||||
Less: Net loss attributable to noncontrolling interests | (2 | ) | (5 | ) | ||||
Net income from continuing operations attributable to Tyson | 254 | 177 | ||||||
Less dividends declared: | ||||||||
Class A | 28 | 46 | ||||||
Class B | 6 | 10 | ||||||
Undistributed earnings | $ | 220 | $ | 121 | ||||
Class A undistributed earnings | $ | 179 | $ | 99 | ||||
Class B undistributed earnings | 41 | 22 | ||||||
Total undistributed earnings | $ | 220 | $ | 121 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share: | ||||||||
Class A weighted average shares | 271 | 285 | ||||||
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share | 70 | 70 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock | 5 | 5 | ||||||
Convertible 2013 Notes | — | 2 | ||||||
Warrants | 8 | — | ||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions | 354 | 362 | ||||||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ||||||||
Class A Basic | $ | 0.76 | $ | 0.51 | ||||
Class B Basic | $ | 0.68 | $ | 0.46 | ||||
Diluted | $ | 0.72 | $ | 0.49 | ||||
Net Income Per Share Attributable to Tyson: | ||||||||
Class A Basic | $ | 0.76 | $ | 0.5 | ||||
Class B Basic | $ | 0.68 | $ | 0.45 | ||||
Diluted | $ | 0.72 | $ | 0.48 | ||||
Approximately 5 million and 8 million of our stock-based compensation shares were antidilutive for the three months ended December 28, 2013 and December 29, 2012, respectively. These shares were not included in the dilutive earnings per share calculation. | ||||||||
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock. | ||||||||
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments, primarily futures and options, to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Forward contracts on various commodities, including grains, livestock and energy, are primarily entered into to manage the price risk associated with forecasted purchases of these inputs used in our production processes. Foreign exchange forward contracts are entered into to manage the fluctuations in foreign currency exchange rates, primarily as a result of certain receivable and payable balances. We also periodically utilize interest rate swaps to manage interest rate risk associated with our variable-rate borrowings. | ||||||||||||||||||
Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize industry-standard models that take into account the implicit cost of hedging. Risks associated with our market risks and those created by derivative instruments and the fair values are strictly monitored, using Value-at-Risk and stress tests. Credit risks associated with our derivative contracts are not significant as we minimize counterparty concentrations, utilize margin accounts or letters of credit, and deal with credit-worthy counterparties. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk existed at December 28, 2013. | ||||||||||||||||||
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (i.e., cash flow hedge or fair value hedge). We qualify, or designate, a derivative financial instrument as a hedge when contract terms closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) (OCI) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is recognized in earnings immediately. We designate certain forward contracts as follows: | ||||||||||||||||||
• | Cash Flow Hedges - include certain commodity forward and option contracts of forecasted purchases (i.e., grains) and certain foreign exchange forward contracts. | |||||||||||||||||
• | Fair Value Hedges - include certain commodity forward contracts of firm commitments (i.e., livestock). | |||||||||||||||||
Cash flow hedges | ||||||||||||||||||
Derivative instruments, such as futures and options, are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes. We do not purchase forward and option commodity contracts in excess of our physical consumption requirements and generally do not hedge forecasted transactions beyond 18 months. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchase of those commodities. For the derivative instruments we designate and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses representing hedge ineffectiveness are recognized in earnings in the current period. Ineffectiveness related to our cash flow hedges was not significant for the three months ended December 28, 2013, and December 29, 2012. | ||||||||||||||||||
We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 8 | 5 | |||||||||||||||
Soy meal | Tons | 126,700 | 96,800 | |||||||||||||||
Foreign Currency | United States dollar | $ | 29 | $ | 60 | |||||||||||||
As of December 28, 2013, the net amounts expected to be reclassified into earnings within the next 12 months are pretax losses of $9 million related to grains. During the three months ended December 28, 2013, and December 29, 2012, we did not reclassify significant pretax gains/losses into earnings as a result of the discontinuance of cash flow hedges due to the probability the original forecasted transaction would not occur by the end of the originally specified time period or within the additional period of time allowed by generally accepted accounting principles. | ||||||||||||||||||
The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
December 28, | December 29, | December 28, | December 29, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (13 | ) | Cost of Sales | $ | — | $ | 4 | |||||||
Foreign exchange contracts | (1 | ) | — | Other Income/Expense | — | (2 | ) | |||||||||||
Total | $ | (3 | ) | $ | (13 | ) | $ | — | $ | 2 | ||||||||
Fair value hedges | ||||||||||||||||||
We designate certain futures contracts as fair value hedges of firm commitments to purchase livestock for slaughter. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Live Cattle | Pounds | 233 | 209 | |||||||||||||||
Lean Hogs | Pounds | 368 | 384 | |||||||||||||||
For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (i.e., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. | ||||||||||||||||||
in millions | ||||||||||||||||||
Consolidated Condensed | Three Months Ended | |||||||||||||||||
Statements of Income | ||||||||||||||||||
Classification | December 28, | December 29, | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gain/(Loss) on forwards | Cost of Sales | $ | (6 | ) | $ | 4 | ||||||||||||
Gain/(Loss) on purchase contract | Cost of Sales | 6 | (4 | ) | ||||||||||||||
Ineffectiveness related to our fair value hedges was not significant for the three months ended December 28, 2013, and December 29, 2012. | ||||||||||||||||||
Undesignated positions | ||||||||||||||||||
In addition to our designated positions, we also hold forward and option contracts for which we do not apply hedge accounting. These include certain derivative instruments related to commodities price risk, including grains, livestock, energy and foreign currency risk. We mark these positions to fair value through earnings at each reporting date. We generally do not enter into undesignated positions beyond 18 months. | ||||||||||||||||||
The objective of our undesignated grains, livestock and energy commodity positions is to reduce the variability of cash flows associated with the forecasted purchase of certain grains, energy and livestock inputs to our production processes. We also enter into certain forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs at fixed prices. The fixed price sales contracts lock in the proceeds from a future sale and the fixed cattle and hog purchases lock in the cost. However, the cost of the livestock and the related boxed beef and boxed pork market prices at the time of the sale or purchase could vary from this fixed price. As we enter into fixed forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs, we also enter into the appropriate number of livestock options and futures positions to mitigate a portion of this risk. | ||||||||||||||||||
Changes in market value of the open livestock options and futures positions are marked to market and reported in earnings at each reporting date, even though the economic impact of our fixed prices being above or below the market price is only realized at the time of sale or purchase. These positions generally do not qualify for hedge treatment due to location basis differences between the commodity exchanges and the actual locations when we purchase the commodities. | ||||||||||||||||||
We have a foreign currency cash flow hedging program to hedge portions of forecasted transactions denominated in foreign currencies, primarily with forward and option contracts, to protect against the reduction in value of forecasted foreign currency cash flows. Our undesignated foreign currency positions generally would qualify for cash flow hedge accounting. However, to reduce earnings volatility, we normally will not elect hedge accounting treatment when the position provides an offset to the underlying related transaction that impacts current earnings. | ||||||||||||||||||
We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 28 | 69 | |||||||||||||||
Soy Meal | Tons | 219,800 | 204,600 | |||||||||||||||
Soy Oil | Pounds | — | 11 | |||||||||||||||
Live Cattle | Pounds | 28 | 60 | |||||||||||||||
Lean Hogs | Pounds | 75 | 159 | |||||||||||||||
Foreign Currency | United States dollars | $ | 203 | $ | 95 | |||||||||||||
The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Consolidated Condensed | Gain/(Loss) | |||||||||||||||||
Statements of Income | Recognized in Earnings | |||||||||||||||||
Classification | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | Sales | $ | 2 | $ | 11 | |||||||||||||
Commodity contracts | Cost of Sales | (2 | ) | (7 | ) | |||||||||||||
Foreign exchange contracts | Other Income/Expense | (1 | ) | 1 | ||||||||||||||
Total | $ | (1 | ) | $ | 5 | |||||||||||||
The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 8 | $ | 4 | ||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative assets – designated | 8 | 5 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 18 | 25 | ||||||||||||||||
Foreign exchange contracts | 1 | 2 | ||||||||||||||||
Total derivative assets – not designated | 19 | 27 | ||||||||||||||||
Total derivative assets | $ | 27 | $ | 32 | ||||||||||||||
Derivative Liabilities: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 29 | $ | 29 | ||||||||||||||
Foreign exchange contracts | — | — | ||||||||||||||||
Total derivative liabilities – designated | 29 | 29 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 26 | 72 | ||||||||||||||||
Foreign exchange contracts | 2 | 1 | ||||||||||||||||
Total derivative liabilities – not designated | 28 | 73 | ||||||||||||||||
Total derivative liabilities | $ | 57 | $ | 102 | ||||||||||||||
Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. See Note 12: Fair Value Measurements for a reconciliation to amounts reported in the Consolidated Condensed Balance Sheets in Other current assets and Other current liabilities. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: | ||||||||||||||||||||||||
Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. | ||||||||||||||||||||||||
Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: | ||||||||||||||||||||||||
• | Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||||||||
• | Quoted prices for identical or similar assets in non-active markets; | |||||||||||||||||||||||
• | Inputs other than quoted prices that are observable for the asset or liability; and | |||||||||||||||||||||||
• | Inputs derived principally from or corroborated by other observable market data. | |||||||||||||||||||||||
Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. | ||||||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): | ||||||||||||||||||||||||
December 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 26 | $ | — | $ | (19 | ) | $ | 7 | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 3 | 26 | 64 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 13 | 208 | — | — | 221 | |||||||||||||||||||
Total Assets | $ | 16 | $ | 262 | $ | 64 | $ | (19 | ) | $ | 323 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 55 | $ | — | $ | (53 | ) | $ | 2 | |||||||||||||
Foreign Exchange Forward Contracts | — | 2 | — | (1 | ) | 1 | ||||||||||||||||||
Total Liabilities | $ | — | $ | 57 | $ | — | $ | (54 | ) | $ | 3 | |||||||||||||
September 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 29 | $ | — | $ | (21 | ) | $ | 8 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | (1 | ) | 2 | ||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 4 | 24 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 23 | 191 | — | — | 214 | |||||||||||||||||||
Total Assets | $ | 27 | $ | 248 | $ | 65 | $ | (22 | ) | $ | 318 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 101 | $ | — | $ | (101 | ) | $ | — | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Total Liabilities | $ | — | $ | 102 | $ | — | $ | (101 | ) | $ | 1 | |||||||||||||
(a) | Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At December 28, 2013, and September 28, 2013, we had posted with various counterparties $35 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral.The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 65 | $ | 86 | ||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings | — | — | ||||||||||||||||||||||
Included in other comprehensive income (loss) | — | — | ||||||||||||||||||||||
Purchases | 7 | 3 | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (8 | ) | (4 | ) | ||||||||||||||||||||
Balance at end of period | $ | 64 | $ | 85 | ||||||||||||||||||||
Total gains (losses) for the three-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $ | — | $ | — | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||||||||||
Derivative Assets and Liabilities: Our commodities and foreign exchange forward contracts primarily include exchange-traded and over-the-counter contracts which are further described in Note 11: Derivative Financial Instruments. We record our commodity derivatives at fair value using quoted market prices adjusted for credit and non-performance risk and internal models that use as their basis readily observable market inputs including current and forward commodity market prices. Our foreign exchange forward contracts are recorded at fair value based on quoted prices and spot and forward currency prices adjusted for credit and non-performance risk. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions of spot currency rates and forward currency prices. | ||||||||||||||||||||||||
Available-for-Sale Securities: Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Condensed Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 35 years. We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements. | ||||||||||||||||||||||||
Additionally, we have 0.8 million shares of Syntroleum Corporation common stock and 0.4 million warrants, which expire in June 2015, to purchase an equivalent amount of Syntroleum Corporation common stock at an average price of $28.70. We record the shares and warrants in Other Assets in the Consolidated Condensed Balance Sheets at fair value based on quoted market prices. We classify the shares as Level 1 as the fair value is based on unadjusted quoted prices available in active markets. We classify the warrants as Level 2 as fair value can be corroborated based on observable market data. | ||||||||||||||||||||||||
The following table sets forth our available-for-sale securities' amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions): | ||||||||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Amortized | Fair | Unrealized | Amortized | Fair | Unrealized | |||||||||||||||||||
Cost Basis | Value | Gain/(Loss) | Cost Basis | Value | Gain/(Loss) | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Treasury and Agency | $ | 27 | $ | 27 | $ | — | $ | 25 | $ | 25 | $ | — | ||||||||||||
Corporate and Asset-Backed | 63 | 64 | 1 | 64 | 65 | 1 | ||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
Common Stock and Warrants (a) | 3 | 3 | — | 9 | 4 | (5 | ) | |||||||||||||||||
(a) | At December 28, 2013, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million. | |||||||||||||||||||||||
Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are temporary in nature. Losses on equity securities are recognized in earnings if the decline in value is judged to be other than temporary. If losses related to our debt securities are determined to be other than temporary, the loss would be recognized in earnings if we intend, or more likely than not will be required, to sell the security prior to recovery. For debt securities in which we have the intent and ability to hold until maturity, losses determined to be other than temporary would remain in OCI, other than expected credit losses which are recognized in earnings. We consider many factors in determining whether a loss is temporary, including the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized $6 million of other than temporary impairment for the three months ended December 28, 2013, which is recorded in the Consolidated Condensed Statements of Income in Other, net. No other than temporary losses were deferred in OCI as of December 28, 2013, and September 28, 2013. | ||||||||||||||||||||||||
Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The investments are recorded at fair value based on quoted market prices and are included in Other Assets in the Consolidated Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. We did not have any significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the three months ended December 28, 2013 and December 29, 2012. | ||||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions): | ||||||||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Total Debt | $ | 2,058 | $ | 1,942 | $ | 2,541 | $ | 2,408 | ||||||||||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||||
Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | |||||||||||||||
Derivatives accounted for as cash flow hedges: | ||||||||||||||||||||
(Gain) loss reclassified to Cost of Sales | $ | — | $ | — | $ | — | $ | (4 | ) | $ | 2 | $ | (2 | ) | ||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | 2 | (1 | ) | 1 | |||||||||||||
Unrealized gain (loss) | (3 | ) | 1 | (2 | ) | (13 | ) | 5 | (8 | ) | ||||||||||
Investments: | ||||||||||||||||||||
(Gain) loss reclassified to Other Income/Expense | 6 | (2 | ) | 4 | — | — | — | |||||||||||||
Unrealized gain (loss) | (1 | ) | — | (1 | ) | (4 | ) | 2 | (2 | ) | ||||||||||
Currency translation: | ||||||||||||||||||||
Translation adjustment | (11 | ) | — | (11 | ) | (1 | ) | — | (1 | ) | ||||||||||
Postretirement benefits | 1 | 1 | 2 | 1 | — | 1 | ||||||||||||||
Total Other Comprehensive Income (Loss) | $ | (8 | ) | $ | — | $ | (8 | ) | $ | (19 | ) | $ | 8 | $ | (11 | ) | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
SEGMENT REPORTING | ||||||||
We operate in five segments: Chicken, Beef, Pork, Prepared Foods and International. We measure segment profit as operating income (loss). | ||||||||
During the second quarter of fiscal 2014, we began reporting our International operation as a separate segment, which was previously included in our Chicken segment. Our International segment became a separate reportable segment as a result of changes to our internal financial reporting to align with previously announced executive leadership changes. All periods presented have been reclassified to reflect this change. Beef, Pork, Prepared Foods and Other results were not impacted by this change. | ||||||||
Chicken: Chicken includes our domestic operations related to raising and processing live chickens into fresh, frozen and value-added chicken products, as well as sales from allied products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary. | ||||||||
Beef: Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from allied products such as hides and variety meats, as well as logistics operations to move products through the supply chain. | ||||||||
Pork: Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain. | ||||||||
Prepared Foods: Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. Products primarily include pepperoni, bacon, sausage, beef and pork pizza toppings, pizza crusts, flour and corn tortilla products, appetizers, prepared meals, ethnic foods, soups, sauces, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. | ||||||||
International: International includes our foreign operations primarily related to raising and processing live chickens into fresh, frozen and value-added chicken products in Brazil, China, India and Mexico. Products are marketed in each respective country to food retailers, foodservice distributors, restaurant operators, hotel chains, noncommercial foodservice establishments and live markets, as well as to other international export markets. | ||||||||
The results from Dynamic Fuels are included in Other. | ||||||||
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions): | ||||||||
Three Months Ended | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Sales: | ||||||||
Chicken | $ | 2,656 | $ | 2,595 | ||||
Beef | 3,734 | 3,485 | ||||||
Pork | 1,424 | 1,363 | ||||||
Prepared Foods | 907 | 841 | ||||||
International | 327 | 327 | ||||||
Other | — | 20 | ||||||
Intersegment Sales | (287 | ) | (265 | ) | ||||
Total Sales | $ | 8,761 | $ | 8,366 | ||||
Operating Income (Loss): | ||||||||
Chicken | $ | 253 | $ | 113 | ||||
Beef | 58 | 46 | ||||||
Pork | 121 | 125 | ||||||
Prepared Foods | 16 | 33 | ||||||
International | (28 | ) | (2 | ) | ||||
Other | (8 | ) | (11 | ) | ||||
Total Operating Income | 412 | 304 | ||||||
Total Other (Income) Expense | 29 | 36 | ||||||
Income from Continuing Operations before Income Taxes | $ | 383 | $ | 268 | ||||
The Chicken segment had sales of $2 million in the first quarter of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Beef segment had sales of $63 million and $43 million in the first quarter of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Pork segment had sales of $222 million and $220 million in the first quarter of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |
Dec. 28, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments And Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
Commitments | ||
We guarantee obligations of certain outside third parties primarily consisting of grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to ten years, and the maximum potential amount of future payments as of December 28, 2013, was $54 million. We also maintain operating leases for various types of equipment, some of which contain residual value guarantees for the market value of the underlying leased assets at the end of the term of the lease. The remaining terms of the lease maturities cover periods over the next 14 years. The maximum potential amount of the residual value guarantees is $49 million, of which $43 million could be recoverable through various recourse provisions and an additional undeterminable recoverable amount based on the fair value of the underlying leased assets. The likelihood of material payments under these guarantees is not considered probable. At December 28, 2013, and September 28, 2013, no material liabilities for guarantees were recorded. | ||
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum obligation associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum obligation as of December 28, 2013, was approximately $310 million. The total receivables under these programs were $42 million and $44 million at December 28, 2013, and September 28, 2013, respectively, and are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Condensed Balance Sheets. Even though these programs are limited to the net tangible assets of the participating livestock suppliers, we also manage a portion of our credit risk associated with these programs by obtaining security interests in livestock suppliers’ assets. After analyzing residual credit risks and general market conditions, we have recorded an allowance for these programs’ estimated uncollectible receivables of $14 million and $15 million at December 28, 2013, and September 28, 2013, respectively. | ||
Contingencies | ||
We are involved in various claims and legal proceedings. We routinely assess the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. We record accruals for such matters to the extent that we conclude a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Such accruals are reflected in the Company’s consolidated condensed financial statements. In our opinion, we have made appropriate and adequate accruals for these matters and believe the probability of a material loss beyond the amounts accrued to be remote; however, the ultimate liability for these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on the consolidated financial condition or results of operations. Listed below are certain claims made against the Company and/or our subsidiaries for which the potential exposure is considered material to the Company’s consolidated condensed financial statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters. | ||
There are eleven lawsuits against our beef and pork subsidiary, Tyson Fresh Meats Inc., in which certain present and past employees allege that we failed to compensate them for the time it takes to engage in pre- and post-shift activities, such as changing into and out of protective and sanitary clothing and walking to and from the changing area, work areas and break areas in violation of the Fair Labor Standards Act (FLSA) and various state laws. These lawsuits involve employees from our plants in Garden City, Kansas (Garcia, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, May 15, 2006); Storm Lake, Iowa (Bouaphakeo (f/k/a Sharp), et al. v. Tyson Foods, Inc., N.D. Iowa, February 6, 2007); Columbus Junction, Iowa (Guyton (f/k/a Robinson), et al. v. Tyson Foods, Inc., d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, September 12, 2007); Madison, Nebraska (Acosta, et al. v Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., D. Nebraska, February 29, 2008); Dakota City, Nebraska (Gomez, et al. v. Tyson Foods, Inc., D. Nebraska, January 16, 2008); Perry and Waterloo, Iowa (Edwards, et al. v. Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, March 20, 2008); Logansport, Indiana (Carter, et al. v. Tyson Foods, Inc. and Tyson Fresh Meats, Inc., N.D. Indiana, April 29, 2008); Goodlettsville, Tennessee (Abadeer v. Tyson Foods, Inc., and Tyson Fresh Meats, Inc., M.D. Tennessee, February 6, 2009); Emporia, Kansas (Abdiaziz, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, September 30, 2011); and Joslin, Illinois (Murray, et al. v. Tyson Foods, Inc., C.D. Illinois, January 2, 2008; and DeVoss v. Tyson Foods, Inc. d.b.a. Tyson Fresh Meats, C.D. Illinois, March 2, 2011). The actions allege we failed to pay employees for all hours worked, including overtime compensation for the time it takes to change into protective work uniforms, safety equipment and other sanitary and protective clothing worn by employees, and for walking to and from the changing area, work areas and break areas in violation of the FLSA and analogous state laws. The plaintiffs seek back wages, liquidated damages, pre- and post-judgment interest, attorneys’ fees and costs. Each case is proceeding in its jurisdiction. | ||
• | After a trial in the Garcia case, which involves our Garden City, Kansas beef plant, a jury verdict in favor of the plaintiffs was entered on March 17, 2011. Exclusive of pre- and post-judgment interest, attorneys’ fees and costs, the jury found violations of federal and state laws for pre- and post-shift work activities and awarded damages in the amount of $503,011. Plaintiffs’ counsel filed an application for attorneys’ fees and expenses which we contested. On December 7, 2012, the court granted plaintiffs' counsel's application and awarded a total of $3,609,723. We appealed the jury’s verdict and trial court’s award to the Tenth Circuit Court of Appeals, and oral arguments were held on November 18, 2013. | |
• | A jury trial was held in the Bouaphakeo case, which involves our Storm Lake, Iowa pork plant, which resulted in a jury verdict in favor of the plaintiffs for violations of federal and state laws for pre- and post-shift work activities. The trial court also awarded the plaintiffs liquidated damages, resulting in total damages awarded in the amount of $5,784,758. The plaintiffs' counsel has also filed an application for attorneys' fees and expenses in the amount of $2,692,145. We have appealed the jury's verdict and trial court's award to the Eighth Circuit Court of Appeals. | |
• | A jury trial was held in the Guyton case, which involves our Columbus Junction, Iowa pork plant, which resulted in a jury verdict in favor of Tyson on April 25, 2012. The plaintiffs have appealed to the Eighth Circuit Court of Appeals. | |
• | A bench trial was held in the Acosta case, which involves our Madison, Nebraska pork plant, in January 2013. In May 2013 the trial court awarded the plaintiffs $5,733,943 for unpaid overtime wages. Subsequently, the court ordered the class of plaintiffs expanded, and the plaintiffs submitted an updated calculation of $6,258,330 for unpaid overtime wages as reflected by payroll data through May 2013. On January 30, 2014, the trial court entered judgment in favor of the plaintiffs in the amount of $18,774,989. We intend to file a post-trial motion to modify the district court's findings and conclusions prior to any appeal. | |
• | A jury trial in the Gomez case, which involves our Dakota City, Nebraska beef plant, was held, and the jury found in favor of the plaintiffs on April 3, 2013. On October 2, 2013, the trial court denied the parties’ post-trial motions and entered judgment awarding unpaid overtime wages, liquidated damages, and penalties totaling $4,960,787. We have appealed the jury’s verdict and trial court’s award to the Eighth Circuit Court of Appeals. | |
• | The trial court in the Edwards case, which involves our Perry and Waterloo, Iowa pork plants, decertified the state law class and granted other pre-trial motions that resulted in judgment in our favor with respect to the plaintiffs’ claims. The plaintiffs have filed a motion to modify this judgment. | |
• | The parties in the Carter case, which involves our Logansport, Indiana pork plant, agreed to settle all claims for $950,000. The parties filed a joint motion for approval of the settlement, but the plaintiffs subsequently filed a motion to certify a class of plaintiffs while the joint motion for approval of the settlement was pending. On October 30, 2013 we filed a motion with the court to enforce the settlement. | |
• | The trial court in the Abadeer case, which involves the Goodlettsville, Tennessee plant, granted the plaintiffs’ motion for summary judgment in part, finding that certain pre- and post-shift activities were compensable and our non-payment for those activities was willful and not in good faith. The trial for the remaining issues, including damages, is scheduled to begin April 15, 2014. | |
We have pending one wage and hour action involving our Tyson Prepared Foods plant located in Jefferson, Wisconsin (Weissman, et al. v. Tyson Prepared Foods, Inc., Jefferson County (Wisconsin) Circuit Court, October 20, 2010). The plaintiffs allege that employees should be paid for the time it takes to engage in pre- and post-shift activities such as changing into and out of protective and sanitary clothing and the associated time it takes to walk to and from their workstations post-donning and pre-doffing of protective and sanitary clothing. Six named plaintiffs seek to act as state law class representatives on behalf of all current and former employees who were allegedly not paid for time worked and seek back wages, liquidated damages, pre- and post-judgment interest, and attorneys’ fees and costs. On May 16, 2011, the plaintiffs filed a motion to certify a state law class of all hourly employees who have worked at the Jefferson plant from October 20, 2008, to the present. We filed motions for summary judgment seeking dismissal of the claims, or, in the alternative, to limit the claims made for non-compensable clothes changing activities. The court granted summary judgment in favor of Tyson on August 31, 2012, and the plaintiffs filed a notice of appeal on October 5, 2012. On August 1, 2013, the appeals court reversed and remanded the case to the trial court, concluding that the applicable activities at this plant are compensable, subject to certain defenses. We have petitioned the Wisconsin Supreme Court for further review, and the petition was accepted on December 16, 2013. | ||
On June 19, 2005, the Attorney General and the Secretary of the Environment of the State of Oklahoma filed a complaint in the U.S. District Court for the Northern District of Oklahoma against us, three of our subsidiaries and six other poultry integrators. The complaint, which was subsequently amended, asserts a number of state and federal causes of action including, but not limited to, counts under Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Resource Conservation and Recovery Act (RCRA), and state-law public nuisance theories. The amended complaint asserts that defendants and certain contract growers who are not named in the amended complaint polluted the surface waters, groundwater and associated drinking water supplies of the Illinois River Watershed (IRW) through the land application of poultry litter. Oklahoma asserts that this alleged pollution has also caused extensive injury to the environment (including soils and sediments) of the IRW and that the defendants have been unjustly enriched. Oklahoma’s claims cover the entire IRW, which encompasses more than one million acres of land and the natural resources (including lakes and waterways) contained therein. Oklahoma seeks wide-ranging relief, including injunctive relief, compensatory damages in excess of $800 million, an unspecified amount in punitive damages and attorneys’ fees. We and the other defendants have denied liability, asserted various defenses, and filed a third-party complaint that asserts claims against other persons and entities whose activities may have contributed to the pollution alleged in the amended complaint. The district court has stayed proceedings on the third party complaint pending resolution of Oklahoma’s claims against the defendants. On October 31, 2008, the defendants filed a motion to dismiss for failure to join the Cherokee Nation as a required party or, in the alternative, for judgment as a matter of law based on the plaintiffs’ lack of standing. This motion was granted in part and denied in part on July 22, 2009. | ||
In its ruling, the district court dismissed Oklahoma’s claims for cost recovery and for natural resources damages under CERCLA and for unjust enrichment under Oklahoma common law. This ruling also narrowed the scope of Oklahoma’s remaining claims by dismissing all damage claims under its causes of action for Oklahoma common law nuisance, federal common law nuisance, and Oklahoma common law trespass, leaving only its claims for injunctive relief for trial. On August 18, 2009, the Court granted partial summary judgment in favor of the defendants on Oklahoma’s claims for violations of the Oklahoma Registered Poultry Feeding Operations Act. Oklahoma later voluntarily dismissed the remainder of this claim. On September 2, 2009, the Cherokee Nation filed a motion to intervene in the lawsuit. Its motion to intervene was denied on September 15, 2009, and the Cherokee Nation filed a notice of appeal of that ruling in the Tenth Circuit Court of Appeals on September 17, 2009. A non-jury trial of the case began on September 24, 2009. At the close of Oklahoma’s case-in-chief, the Court granted the defendants’ motions to dismiss claims based on RCRA, nuisance per se, and health risks related to bacteria. The defense rested its case on January 13, 2010, and closing arguments were held on February 11, 2010. On September 21, 2010, the Court of Appeals affirmed the district court’s denial of the Cherokee Nation’s motion to intervene. On October 6, 2010, the Cherokee Nation and the State of Oklahoma filed a petition for rehearing or en banc review seeking reconsideration of this ruling. The Court of Appeals denied this petition. The district court has not yet rendered its decision from the trial, which ended in February 2010. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||
TFM Parent, our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. Additionally, TFM Parent has fully and unconditionally guaranteed the 2022 Notes until such date TFM Parent has been released of its guarantee of both (i) Tyson's $1.0 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2022 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantors Subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, TFM Parent and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is provided as an alternative to providing separate financial statements for the guarantor. | ||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 167 | $ | 5,048 | $ | 3,987 | $ | (441 | ) | $ | 8,761 | |||||||||
Cost of Sales | 17 | 4,826 | 3,674 | (441 | ) | 8,076 | ||||||||||||||
Gross Profit | 150 | 222 | 313 | — | 685 | |||||||||||||||
Selling, General and Administrative | 23 | 55 | 195 | — | 273 | |||||||||||||||
Operating Income | 127 | 167 | 118 | — | 412 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 5 | 15 | 6 | — | 26 | |||||||||||||||
Other, net | 6 | (1 | ) | (2 | ) | — | 3 | |||||||||||||
Equity in net earnings of subsidiaries | (175 | ) | (6 | ) | — | 181 | — | |||||||||||||
Total Other (Income) Expense | (164 | ) | 8 | 4 | 181 | 29 | ||||||||||||||
Income from Continuing Operations before Income Taxes | 291 | 159 | 114 | (181 | ) | 383 | ||||||||||||||
Income Tax Expense | 37 | 52 | 42 | — | 131 | |||||||||||||||
Income from Continuing Operations | 254 | 107 | 72 | (181 | ) | 252 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 254 | 107 | 72 | (181 | ) | 252 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 254 | $ | 107 | $ | 74 | $ | (181 | ) | $ | 254 | |||||||||
Comprehensive Income (Loss) | 244 | 102 | 63 | (165 | ) | 244 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 244 | $ | 102 | $ | 65 | $ | (165 | ) | $ | 246 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended December 29, 2012 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 75 | $ | 4,750 | $ | 3,868 | $ | (327 | ) | $ | 8,366 | |||||||||
Cost of Sales | 16 | 4,538 | 3,600 | (327 | ) | 7,827 | ||||||||||||||
Gross Profit | 59 | 212 | 268 | — | 539 | |||||||||||||||
Selling, General and Administrative | 20 | 52 | 163 | — | 235 | |||||||||||||||
Operating Income | 39 | 160 | 105 | — | 304 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 8 | 16 | 12 | — | 36 | |||||||||||||||
Other, net | — | — | — | — | — | |||||||||||||||
Equity in net earnings of subsidiaries | (149 | ) | (24 | ) | — | 173 | — | |||||||||||||
Total Other (Income) Expense | (141 | ) | (8 | ) | 12 | 173 | 36 | |||||||||||||
Income from Continuing Operations before Income Taxes | 180 | 168 | 93 | (173 | ) | 268 | ||||||||||||||
Income Tax Expense | 7 | 51 | 38 | — | 96 | |||||||||||||||
Income from Continuing Operations | 173 | 117 | 55 | (173 | ) | 172 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income | 173 | 117 | 51 | (173 | ) | 168 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net Income Attributable to Tyson | 173 | 117 | 56 | (173 | ) | 173 | ||||||||||||||
Comprehensive Income (Loss) | 157 | 121 | 50 | (171 | ) | 157 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 157 | $ | 121 | $ | 55 | $ | (171 | ) | $ | 162 | |||||||||
Condensed Consolidating Balance Sheet as of December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10 | $ | 815 | $ | — | $ | 825 | ||||||||||
Accounts receivable, net | 1 | 594 | 902 | — | 1,497 | |||||||||||||||
Inventories | — | 1,034 | 1,744 | — | 2,778 | |||||||||||||||
Other current assets | 36 | 49 | 116 | (71 | ) | 130 | ||||||||||||||
Total Current Assets | 37 | 1,687 | 3,577 | (71 | ) | 5,230 | ||||||||||||||
Net Property, Plant and Equipment | 31 | 899 | 3,142 | — | 4,072 | |||||||||||||||
Goodwill | — | 880 | 1,027 | — | 1,907 | |||||||||||||||
Intangible Assets | — | 19 | 114 | — | 133 | |||||||||||||||
Other Assets | 897 | 167 | 254 | (816 | ) | 502 | ||||||||||||||
Investment in Subsidiaries | 12,141 | 2,035 | — | (14,176 | ) | — | ||||||||||||||
Total Assets | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | — | $ | — | $ | 78 | $ | (26 | ) | $ | 52 | |||||||||
Accounts payable | 30 | 746 | 701 | — | 1,477 | |||||||||||||||
Other current liabilities | 4,858 | 191 | 826 | (4,798 | ) | 1,077 | ||||||||||||||
Total Current Liabilities | 4,888 | 937 | 1,605 | (4,824 | ) | 2,606 | ||||||||||||||
Long-Term Debt | 1,771 | 678 | 234 | (793 | ) | 1,890 | ||||||||||||||
Deferred Income Taxes | 20 | 75 | 355 | — | 450 | |||||||||||||||
Other Liabilities | 142 | 163 | 300 | (23 | ) | 582 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,285 | 3,834 | 5,589 | (9,423 | ) | 6,285 | ||||||||||||||
Noncontrolling Interest | — | — | 31 | — | 31 | |||||||||||||||
Total Shareholders’ Equity | 6,285 | 3,834 | 5,620 | (9,423 | ) | 6,316 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Condensed Consolidating Balance Sheet as of September 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 21 | $ | 1,124 | $ | — | $ | 1,145 | ||||||||||
Accounts receivable, net | — | 571 | 926 | — | 1,497 | |||||||||||||||
Inventories | — | 1,039 | 1,778 | — | 2,817 | |||||||||||||||
Other current assets | 351 | 88 | 117 | (411 | ) | 145 | ||||||||||||||
Total Current Assets | 351 | 1,719 | 3,945 | (411 | ) | 5,604 | ||||||||||||||
Net Property, Plant and Equipment | 32 | 891 | 3,130 | — | 4,053 | |||||||||||||||
Goodwill | — | 881 | 1,021 | — | 1,902 | |||||||||||||||
Intangible Assets | — | 21 | 117 | — | 138 | |||||||||||||||
Other Assets | 895 | 162 | 244 | (821 | ) | 480 | ||||||||||||||
Investment in Subsidiaries | 11,975 | 2,035 | — | (14,010 | ) | — | ||||||||||||||
Total Assets | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | 457 | $ | 132 | $ | 251 | $ | (327 | ) | $ | 513 | |||||||||
Accounts payable | 27 | 575 | 757 | — | 1,359 | |||||||||||||||
Other current liabilities | 4,625 | 200 | 901 | (4,588 | ) | 1,138 | ||||||||||||||
Total Current Liabilities | 5,109 | 907 | 1,909 | (4,915 | ) | 3,010 | ||||||||||||||
Long-Term Debt | 1,770 | 679 | 241 | (795 | ) | 1,895 | ||||||||||||||
Deferred Income Taxes | 24 | 93 | 362 | — | 479 | |||||||||||||||
Other Liabilities | 149 | 155 | 282 | (26 | ) | 560 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,201 | 3,875 | 5,631 | (9,506 | ) | 6,201 | ||||||||||||||
Noncontrolling Interest | — | — | 32 | — | 32 | |||||||||||||||
Total Shareholders’ Equity | 6,201 | 3,875 | 5,663 | (9,506 | ) | 6,233 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | (4 | ) | $ | 284 | $ | 81 | $ | — | $ | 361 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (1 | ) | (35 | ) | (104 | ) | — | (140 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Other, net | — | 1 | (4 | ) | — | (3 | ) | |||||||||||||
Cash Provided by (Used for) Investing Activities | (1 | ) | (34 | ) | (109 | ) | — | (144 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | (367 | ) | — | (6 | ) | — | (373 | ) | ||||||||||||
Purchases of Tyson Class A common stock | (159 | ) | — | — | — | (159 | ) | |||||||||||||
Dividends | (25 | ) | — | — | — | (25 | ) | |||||||||||||
Stock options exercised | 12 | — | — | — | 12 | |||||||||||||||
Other, net | 5 | — | — | — | 5 | |||||||||||||||
Net change in intercompany balances | 539 | (261 | ) | (278 | ) | — | — | |||||||||||||
Cash Provided by (Used for) Financing Activities | 5 | (261 | ) | (284 | ) | — | (540 | ) | ||||||||||||
Effect of Exchange Rate Change on Cash | — | — | 3 | — | 3 | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | — | (11 | ) | (309 | ) | — | (320 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | 21 | 1,124 | — | 1,145 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 10 | $ | 815 | $ | — | $ | 825 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended December 29, 2012 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 21 | $ | 234 | $ | (65 | ) | $ | — | $ | 190 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (2 | ) | (24 | ) | (131 | ) | — | (157 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | 1 | — | 1 | |||||||||||||||
Other, net | — | — | 4 | — | 4 | |||||||||||||||
Cash Provided by (Used for) Investing Activities | (2 | ) | (24 | ) | (126 | ) | — | (152 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Purchases of Tyson Class A common stock | (115 | ) | — | — | — | (115 | ) | |||||||||||||
Dividends | (53 | ) | — | — | — | (53 | ) | |||||||||||||
Stock options exercised | 19 | — | — | — | 19 | |||||||||||||||
Other, net | 3 | — | (1 | ) | — | 2 | ||||||||||||||
Net change in intercompany balances | 126 | (199 | ) | 73 | — | — | ||||||||||||||
Cash Provided by (Used for) Financing Activities | (20 | ) | (199 | ) | 61 | — | (158 | ) | ||||||||||||
Effect of Exchange Rate Change on Cash | — | — | — | — | — | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (1 | ) | 11 | (130 | ) | — | (120 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 1 | 9 | 1,061 | — | 1,071 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 20 | $ | 931 | $ | — | $ | 951 | ||||||||||
Accounting_Policies_Policy
Accounting Policies (Policy) | 3 Months Ended |
Dec. 28, 2013 | |
Policy Text Block [Abstract] | ' |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | |
The consolidated condensed financial statements have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended September 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of December 28, 2013, and the results of operations for the three months ended December 28, 2013, and December 29, 2012. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year. | |
Consolidation | ' |
CONSOLIDATION | |
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Inventories_Policy
Inventories (Policy) | 3 Months Ended |
Dec. 28, 2013 | |
Inventory Disclosure [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
INVENTORIES | |
Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. |
Accounting_Policies_Common_Sto
Accounting Policies Common Stock Repurchases (Tables) | 3 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Common Stock Repurchases [Abstract] | ' | ||||||||||||||
Schedule of Common Stock Repurchases | ' | ||||||||||||||
A summary of cumulative share repurchases of our Class A stock is as follows (in millions): | |||||||||||||||
Three Months Ended | |||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||
Shares repurchased: | |||||||||||||||
Under share repurchase program | 4.6 | $ | 150 | 5.1 | $ | 100 | |||||||||
To fund certain obligations under equity compensation plans | 0.3 | 9 | 0.8 | 15 | |||||||||||
Total share repurchases | 4.9 | $ | 159 | 5.9 | $ | 115 | |||||||||
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Summary of Discontinued Operation's Results | ' | ||||||||
The following is a summary of the discontinued operation's results (in millions): | |||||||||
Three Months Ended | |||||||||
December 28, 2013 | December 29, 2012 | ||||||||
Sales | $ | — | $ | 36 | |||||
Pretax loss | — | (4 | ) | ||||||
Income tax expense | — | — | |||||||
Loss from discontinued operation, net of tax | $ | — | $ | (4 | ) | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Total inventory consists of the following (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Processed products: | ||||||||
Weighted-average method – chicken, prepared foods and international | $ | 780 | $ | 799 | ||||
First-in, first-out method – beef and pork | 622 | 624 | ||||||
Livestock – first-in, first-out method | 982 | 1,002 | ||||||
Supplies and other – weighted-average method | 394 | 392 | ||||||
Total inventory | $ | 2,778 | $ | 2,817 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant And Equipment And Accumulated Depreciation | ' | |||||||
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Land | $ | 99 | $ | 100 | ||||
Buildings and leasehold improvements | 2,958 | 2,945 | ||||||
Machinery and equipment | 5,535 | 5,504 | ||||||
Land improvements and other | 421 | 417 | ||||||
Buildings and equipment under construction | 292 | 236 | ||||||
9,305 | 9,202 | |||||||
Less accumulated depreciation | 5,233 | 5,149 | ||||||
Net property, plant and equipment | $ | 4,072 | $ | 4,053 | ||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Schedule Of Other Current Liabilities | ' | |||||||
Other current liabilities are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Accrued salaries, wages and benefits | $ | 293 | $ | 419 | ||||
Self-insurance reserves | 268 | 267 | ||||||
Income taxes payable | 143 | 111 | ||||||
Other | 373 | 341 | ||||||
Total other current liabilities | $ | 1,077 | $ | 1,138 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule of Major Components Of Debt | ' | |||||||
The major components of debt are as follows (in millions): | ||||||||
December 28, 2013 | September 28, 2013 | |||||||
Revolving credit facility | $ | — | $ | — | ||||
Senior notes: | ||||||||
3.25% Convertible senior notes due October 2013 (2013 Notes) | — | 458 | ||||||
6.60% Senior notes due April 2016 (2016 Notes) | 638 | 638 | ||||||
7.00% Notes due May 2018 | 120 | 120 | ||||||
4.50% Senior notes due June 2022 (2022 Notes) | 1,000 | 1,000 | ||||||
7.00% Notes due January 2028 | 18 | 18 | ||||||
Discount on senior notes | (5 | ) | (6 | ) | ||||
GO Zone tax-exempt bonds due October 2033 (0.05% at 12/28/2013) | 100 | 100 | ||||||
Other | 71 | 80 | ||||||
Total debt | 1,942 | 2,408 | ||||||
Less current debt | 52 | 513 | ||||||
Total long-term debt | $ | 1,890 | $ | 1,895 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): | ||||||||
Three Months Ended | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Numerator: | ||||||||
Income from continuing operations | $ | 252 | $ | 172 | ||||
Less: Net loss attributable to noncontrolling interests | (2 | ) | (5 | ) | ||||
Net income from continuing operations attributable to Tyson | 254 | 177 | ||||||
Less dividends declared: | ||||||||
Class A | 28 | 46 | ||||||
Class B | 6 | 10 | ||||||
Undistributed earnings | $ | 220 | $ | 121 | ||||
Class A undistributed earnings | $ | 179 | $ | 99 | ||||
Class B undistributed earnings | 41 | 22 | ||||||
Total undistributed earnings | $ | 220 | $ | 121 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share: | ||||||||
Class A weighted average shares | 271 | 285 | ||||||
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share | 70 | 70 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock | 5 | 5 | ||||||
Convertible 2013 Notes | — | 2 | ||||||
Warrants | 8 | — | ||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions | 354 | 362 | ||||||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ||||||||
Class A Basic | $ | 0.76 | $ | 0.51 | ||||
Class B Basic | $ | 0.68 | $ | 0.46 | ||||
Diluted | $ | 0.72 | $ | 0.49 | ||||
Net Income Per Share Attributable to Tyson: | ||||||||
Class A Basic | $ | 0.76 | $ | 0.5 | ||||
Class B Basic | $ | 0.68 | $ | 0.45 | ||||
Diluted | $ | 0.72 | $ | 0.48 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | ' | |||||||||||||||||
The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 8 | $ | 4 | ||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative assets – designated | 8 | 5 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 18 | 25 | ||||||||||||||||
Foreign exchange contracts | 1 | 2 | ||||||||||||||||
Total derivative assets – not designated | 19 | 27 | ||||||||||||||||
Total derivative assets | $ | 27 | $ | 32 | ||||||||||||||
Derivative Liabilities: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 29 | $ | 29 | ||||||||||||||
Foreign exchange contracts | — | — | ||||||||||||||||
Total derivative liabilities – designated | 29 | 29 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 26 | 72 | ||||||||||||||||
Foreign exchange contracts | 2 | 1 | ||||||||||||||||
Total derivative liabilities – not designated | 28 | 73 | ||||||||||||||||
Total derivative liabilities | $ | 57 | $ | 102 | ||||||||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 8 | 5 | |||||||||||||||
Soy meal | Tons | 126,700 | 96,800 | |||||||||||||||
Foreign Currency | United States dollar | $ | 29 | $ | 60 | |||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
December 28, | December 29, | December 28, | December 29, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (13 | ) | Cost of Sales | $ | — | $ | 4 | |||||||
Foreign exchange contracts | (1 | ) | — | Other Income/Expense | — | (2 | ) | |||||||||||
Total | $ | (3 | ) | $ | (13 | ) | $ | — | $ | 2 | ||||||||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Live Cattle | Pounds | 233 | 209 | |||||||||||||||
Lean Hogs | Pounds | 368 | 384 | |||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
in millions | ||||||||||||||||||
Consolidated Condensed | Three Months Ended | |||||||||||||||||
Statements of Income | ||||||||||||||||||
Classification | December 28, | December 29, | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gain/(Loss) on forwards | Cost of Sales | $ | (6 | ) | $ | 4 | ||||||||||||
Gain/(Loss) on purchase contract | Cost of Sales | 6 | (4 | ) | ||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons): | ||||||||||||||||||
Metric | December 28, 2013 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 28 | 69 | |||||||||||||||
Soy Meal | Tons | 219,800 | 204,600 | |||||||||||||||
Soy Oil | Pounds | — | 11 | |||||||||||||||
Live Cattle | Pounds | 28 | 60 | |||||||||||||||
Lean Hogs | Pounds | 75 | 159 | |||||||||||||||
Foreign Currency | United States dollars | $ | 203 | $ | 95 | |||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Consolidated Condensed | Gain/(Loss) | |||||||||||||||||
Statements of Income | Recognized in Earnings | |||||||||||||||||
Classification | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | Sales | $ | 2 | $ | 11 | |||||||||||||
Commodity contracts | Cost of Sales | (2 | ) | (7 | ) | |||||||||||||
Foreign exchange contracts | Other Income/Expense | (1 | ) | 1 | ||||||||||||||
Total | $ | (1 | ) | $ | 5 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): | ||||||||||||||||||||||||
December 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 26 | $ | — | $ | (19 | ) | $ | 7 | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 3 | 26 | 64 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 13 | 208 | — | — | 221 | |||||||||||||||||||
Total Assets | $ | 16 | $ | 262 | $ | 64 | $ | (19 | ) | $ | 323 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 55 | $ | — | $ | (53 | ) | $ | 2 | |||||||||||||
Foreign Exchange Forward Contracts | — | 2 | — | (1 | ) | 1 | ||||||||||||||||||
Total Liabilities | $ | — | $ | 57 | $ | — | $ | (54 | ) | $ | 3 | |||||||||||||
September 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 29 | $ | — | $ | (21 | ) | $ | 8 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | (1 | ) | 2 | ||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 4 | 24 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 23 | 191 | — | — | 214 | |||||||||||||||||||
Total Assets | $ | 27 | $ | 248 | $ | 65 | $ | (22 | ) | $ | 318 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 101 | $ | — | $ | (101 | ) | $ | — | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Total Liabilities | $ | — | $ | 102 | $ | — | $ | (101 | ) | $ | 1 | |||||||||||||
(a) | Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At December 28, 2013, and September 28, 2013, we had posted with various counterparties $35 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral. | |||||||||||||||||||||||
Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 65 | $ | 86 | ||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings | — | — | ||||||||||||||||||||||
Included in other comprehensive income (loss) | — | — | ||||||||||||||||||||||
Purchases | 7 | 3 | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (8 | ) | (4 | ) | ||||||||||||||||||||
Balance at end of period | $ | 64 | $ | 85 | ||||||||||||||||||||
Total gains (losses) for the three-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $ | — | $ | — | ||||||||||||||||||||
Schedule Of Available For Sale Securities | ' | |||||||||||||||||||||||
The following table sets forth our available-for-sale securities' amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions): | ||||||||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Amortized | Fair | Unrealized | Amortized | Fair | Unrealized | |||||||||||||||||||
Cost Basis | Value | Gain/(Loss) | Cost Basis | Value | Gain/(Loss) | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Treasury and Agency | $ | 27 | $ | 27 | $ | — | $ | 25 | $ | 25 | $ | — | ||||||||||||
Corporate and Asset-Backed | 63 | 64 | 1 | 64 | 65 | 1 | ||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
Common Stock and Warrants (a) | 3 | 3 | — | 9 | 4 | (5 | ) | |||||||||||||||||
(a) | At December 28, 2013, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million. | |||||||||||||||||||||||
Schedule Of Fair Value And Carrying Value Of Debt | ' | |||||||||||||||||||||||
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions): | ||||||||||||||||||||||||
December 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Total Debt | $ | 2,058 | $ | 1,942 | $ | 2,541 | $ | 2,408 | ||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Components Of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||||||
Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | |||||||||||||||
Derivatives accounted for as cash flow hedges: | ||||||||||||||||||||
(Gain) loss reclassified to Cost of Sales | $ | — | $ | — | $ | — | $ | (4 | ) | $ | 2 | $ | (2 | ) | ||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | 2 | (1 | ) | 1 | |||||||||||||
Unrealized gain (loss) | (3 | ) | 1 | (2 | ) | (13 | ) | 5 | (8 | ) | ||||||||||
Investments: | ||||||||||||||||||||
(Gain) loss reclassified to Other Income/Expense | 6 | (2 | ) | 4 | — | — | — | |||||||||||||
Unrealized gain (loss) | (1 | ) | — | (1 | ) | (4 | ) | 2 | (2 | ) | ||||||||||
Currency translation: | ||||||||||||||||||||
Translation adjustment | (11 | ) | — | (11 | ) | (1 | ) | — | (1 | ) | ||||||||||
Postretirement benefits | 1 | 1 | 2 | 1 | — | 1 | ||||||||||||||
Total Other Comprehensive Income (Loss) | $ | (8 | ) | $ | — | $ | (8 | ) | $ | (19 | ) | $ | 8 | $ | (11 | ) | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting Information, By Segment | ' | |||||||
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions): | ||||||||
Three Months Ended | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Sales: | ||||||||
Chicken | $ | 2,656 | $ | 2,595 | ||||
Beef | 3,734 | 3,485 | ||||||
Pork | 1,424 | 1,363 | ||||||
Prepared Foods | 907 | 841 | ||||||
International | 327 | 327 | ||||||
Other | — | 20 | ||||||
Intersegment Sales | (287 | ) | (265 | ) | ||||
Total Sales | $ | 8,761 | $ | 8,366 | ||||
Operating Income (Loss): | ||||||||
Chicken | $ | 253 | $ | 113 | ||||
Beef | 58 | 46 | ||||||
Pork | 121 | 125 | ||||||
Prepared Foods | 16 | 33 | ||||||
International | (28 | ) | (2 | ) | ||||
Other | (8 | ) | (11 | ) | ||||
Total Operating Income | 412 | 304 | ||||||
Total Other (Income) Expense | 29 | 36 | ||||||
Income from Continuing Operations before Income Taxes | $ | 383 | $ | 268 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement Of Income and Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 167 | $ | 5,048 | $ | 3,987 | $ | (441 | ) | $ | 8,761 | |||||||||
Cost of Sales | 17 | 4,826 | 3,674 | (441 | ) | 8,076 | ||||||||||||||
Gross Profit | 150 | 222 | 313 | — | 685 | |||||||||||||||
Selling, General and Administrative | 23 | 55 | 195 | — | 273 | |||||||||||||||
Operating Income | 127 | 167 | 118 | — | 412 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 5 | 15 | 6 | — | 26 | |||||||||||||||
Other, net | 6 | (1 | ) | (2 | ) | — | 3 | |||||||||||||
Equity in net earnings of subsidiaries | (175 | ) | (6 | ) | — | 181 | — | |||||||||||||
Total Other (Income) Expense | (164 | ) | 8 | 4 | 181 | 29 | ||||||||||||||
Income from Continuing Operations before Income Taxes | 291 | 159 | 114 | (181 | ) | 383 | ||||||||||||||
Income Tax Expense | 37 | 52 | 42 | — | 131 | |||||||||||||||
Income from Continuing Operations | 254 | 107 | 72 | (181 | ) | 252 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 254 | 107 | 72 | (181 | ) | 252 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 254 | $ | 107 | $ | 74 | $ | (181 | ) | $ | 254 | |||||||||
Comprehensive Income (Loss) | 244 | 102 | 63 | (165 | ) | 244 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 244 | $ | 102 | $ | 65 | $ | (165 | ) | $ | 246 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended December 29, 2012 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 75 | $ | 4,750 | $ | 3,868 | $ | (327 | ) | $ | 8,366 | |||||||||
Cost of Sales | 16 | 4,538 | 3,600 | (327 | ) | 7,827 | ||||||||||||||
Gross Profit | 59 | 212 | 268 | — | 539 | |||||||||||||||
Selling, General and Administrative | 20 | 52 | 163 | — | 235 | |||||||||||||||
Operating Income | 39 | 160 | 105 | — | 304 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 8 | 16 | 12 | — | 36 | |||||||||||||||
Other, net | — | — | — | — | — | |||||||||||||||
Equity in net earnings of subsidiaries | (149 | ) | (24 | ) | — | 173 | — | |||||||||||||
Total Other (Income) Expense | (141 | ) | (8 | ) | 12 | 173 | 36 | |||||||||||||
Income from Continuing Operations before Income Taxes | 180 | 168 | 93 | (173 | ) | 268 | ||||||||||||||
Income Tax Expense | 7 | 51 | 38 | — | 96 | |||||||||||||||
Income from Continuing Operations | 173 | 117 | 55 | (173 | ) | 172 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income | 173 | 117 | 51 | (173 | ) | 168 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net Income Attributable to Tyson | 173 | 117 | 56 | (173 | ) | 173 | ||||||||||||||
Comprehensive Income (Loss) | 157 | 121 | 50 | (171 | ) | 157 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 157 | $ | 121 | $ | 55 | $ | (171 | ) | $ | 162 | |||||||||
Condensed Consolidating Balance Sheet as of December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10 | $ | 815 | $ | — | $ | 825 | ||||||||||
Accounts receivable, net | 1 | 594 | 902 | — | 1,497 | |||||||||||||||
Inventories | — | 1,034 | 1,744 | — | 2,778 | |||||||||||||||
Other current assets | 36 | 49 | 116 | (71 | ) | 130 | ||||||||||||||
Total Current Assets | 37 | 1,687 | 3,577 | (71 | ) | 5,230 | ||||||||||||||
Net Property, Plant and Equipment | 31 | 899 | 3,142 | — | 4,072 | |||||||||||||||
Goodwill | — | 880 | 1,027 | — | 1,907 | |||||||||||||||
Intangible Assets | — | 19 | 114 | — | 133 | |||||||||||||||
Other Assets | 897 | 167 | 254 | (816 | ) | 502 | ||||||||||||||
Investment in Subsidiaries | 12,141 | 2,035 | — | (14,176 | ) | — | ||||||||||||||
Total Assets | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | — | $ | — | $ | 78 | $ | (26 | ) | $ | 52 | |||||||||
Accounts payable | 30 | 746 | 701 | — | 1,477 | |||||||||||||||
Other current liabilities | 4,858 | 191 | 826 | (4,798 | ) | 1,077 | ||||||||||||||
Total Current Liabilities | 4,888 | 937 | 1,605 | (4,824 | ) | 2,606 | ||||||||||||||
Long-Term Debt | 1,771 | 678 | 234 | (793 | ) | 1,890 | ||||||||||||||
Deferred Income Taxes | 20 | 75 | 355 | — | 450 | |||||||||||||||
Other Liabilities | 142 | 163 | 300 | (23 | ) | 582 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,285 | 3,834 | 5,589 | (9,423 | ) | 6,285 | ||||||||||||||
Noncontrolling Interest | — | — | 31 | — | 31 | |||||||||||||||
Total Shareholders’ Equity | 6,285 | 3,834 | 5,620 | (9,423 | ) | 6,316 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet as of December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10 | $ | 815 | $ | — | $ | 825 | ||||||||||
Accounts receivable, net | 1 | 594 | 902 | — | 1,497 | |||||||||||||||
Inventories | — | 1,034 | 1,744 | — | 2,778 | |||||||||||||||
Other current assets | 36 | 49 | 116 | (71 | ) | 130 | ||||||||||||||
Total Current Assets | 37 | 1,687 | 3,577 | (71 | ) | 5,230 | ||||||||||||||
Net Property, Plant and Equipment | 31 | 899 | 3,142 | — | 4,072 | |||||||||||||||
Goodwill | — | 880 | 1,027 | — | 1,907 | |||||||||||||||
Intangible Assets | — | 19 | 114 | — | 133 | |||||||||||||||
Other Assets | 897 | 167 | 254 | (816 | ) | 502 | ||||||||||||||
Investment in Subsidiaries | 12,141 | 2,035 | — | (14,176 | ) | — | ||||||||||||||
Total Assets | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | — | $ | — | $ | 78 | $ | (26 | ) | $ | 52 | |||||||||
Accounts payable | 30 | 746 | 701 | — | 1,477 | |||||||||||||||
Other current liabilities | 4,858 | 191 | 826 | (4,798 | ) | 1,077 | ||||||||||||||
Total Current Liabilities | 4,888 | 937 | 1,605 | (4,824 | ) | 2,606 | ||||||||||||||
Long-Term Debt | 1,771 | 678 | 234 | (793 | ) | 1,890 | ||||||||||||||
Deferred Income Taxes | 20 | 75 | 355 | — | 450 | |||||||||||||||
Other Liabilities | 142 | 163 | 300 | (23 | ) | 582 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,285 | 3,834 | 5,589 | (9,423 | ) | 6,285 | ||||||||||||||
Noncontrolling Interest | — | — | 31 | — | 31 | |||||||||||||||
Total Shareholders’ Equity | 6,285 | 3,834 | 5,620 | (9,423 | ) | 6,316 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,106 | $ | 5,687 | $ | 8,114 | $ | (15,063 | ) | $ | 11,844 | |||||||||
Condensed Consolidating Balance Sheet as of September 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 21 | $ | 1,124 | $ | — | $ | 1,145 | ||||||||||
Accounts receivable, net | — | 571 | 926 | — | 1,497 | |||||||||||||||
Inventories | — | 1,039 | 1,778 | — | 2,817 | |||||||||||||||
Other current assets | 351 | 88 | 117 | (411 | ) | 145 | ||||||||||||||
Total Current Assets | 351 | 1,719 | 3,945 | (411 | ) | 5,604 | ||||||||||||||
Net Property, Plant and Equipment | 32 | 891 | 3,130 | — | 4,053 | |||||||||||||||
Goodwill | — | 881 | 1,021 | — | 1,902 | |||||||||||||||
Intangible Assets | — | 21 | 117 | — | 138 | |||||||||||||||
Other Assets | 895 | 162 | 244 | (821 | ) | 480 | ||||||||||||||
Investment in Subsidiaries | 11,975 | 2,035 | — | (14,010 | ) | — | ||||||||||||||
Total Assets | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | 457 | $ | 132 | $ | 251 | $ | (327 | ) | $ | 513 | |||||||||
Accounts payable | 27 | 575 | 757 | — | 1,359 | |||||||||||||||
Other current liabilities | 4,625 | 200 | 901 | (4,588 | ) | 1,138 | ||||||||||||||
Total Current Liabilities | 5,109 | 907 | 1,909 | (4,915 | ) | 3,010 | ||||||||||||||
Long-Term Debt | 1,770 | 679 | 241 | (795 | ) | 1,895 | ||||||||||||||
Deferred Income Taxes | 24 | 93 | 362 | — | 479 | |||||||||||||||
Other Liabilities | 149 | 155 | 282 | (26 | ) | 560 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,201 | 3,875 | 5,631 | (9,506 | ) | 6,201 | ||||||||||||||
Noncontrolling Interest | — | — | 32 | — | 32 | |||||||||||||||
Total Shareholders’ Equity | 6,201 | 3,875 | 5,663 | (9,506 | ) | 6,233 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended December 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | (4 | ) | $ | 284 | $ | 81 | $ | — | $ | 361 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (1 | ) | (35 | ) | (104 | ) | — | (140 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Other, net | — | 1 | (4 | ) | — | (3 | ) | |||||||||||||
Cash Provided by (Used for) Investing Activities | (1 | ) | (34 | ) | (109 | ) | — | (144 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | (367 | ) | — | (6 | ) | — | (373 | ) | ||||||||||||
Purchases of Tyson Class A common stock | (159 | ) | — | — | — | (159 | ) | |||||||||||||
Dividends | (25 | ) | — | — | — | (25 | ) | |||||||||||||
Stock options exercised | 12 | — | — | — | 12 | |||||||||||||||
Other, net | 5 | — | — | — | 5 | |||||||||||||||
Net change in intercompany balances | 539 | (261 | ) | (278 | ) | — | — | |||||||||||||
Cash Provided by (Used for) Financing Activities | 5 | (261 | ) | (284 | ) | — | (540 | ) | ||||||||||||
Effect of Exchange Rate Change on Cash | — | — | 3 | — | 3 | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | — | (11 | ) | (309 | ) | — | (320 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | 21 | 1,124 | — | 1,145 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 10 | $ | 815 | $ | — | $ | 825 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended December 29, 2012 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 21 | $ | 234 | $ | (65 | ) | $ | — | $ | 190 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (2 | ) | (24 | ) | (131 | ) | — | (157 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | 1 | — | 1 | |||||||||||||||
Other, net | — | — | 4 | — | 4 | |||||||||||||||
Cash Provided by (Used for) Investing Activities | (2 | ) | (24 | ) | (126 | ) | — | (152 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Purchases of Tyson Class A common stock | (115 | ) | — | — | — | (115 | ) | |||||||||||||
Dividends | (53 | ) | — | — | — | (53 | ) | |||||||||||||
Stock options exercised | 19 | — | — | — | 19 | |||||||||||||||
Other, net | 3 | — | (1 | ) | — | 2 | ||||||||||||||
Net change in intercompany balances | 126 | (199 | ) | 73 | — | — | ||||||||||||||
Cash Provided by (Used for) Financing Activities | (20 | ) | (199 | ) | 61 | — | (158 | ) | ||||||||||||
Effect of Exchange Rate Change on Cash | — | — | — | — | — | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (1 | ) | 11 | (130 | ) | — | (120 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 1 | 9 | 1,061 | — | 1,071 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 20 | $ | 931 | $ | — | $ | 951 | ||||||||||
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jan. 31, 2014 |
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Share Repurchase Program [Member] | |
Class A [Member] | |||
Accounting Policies [Line Items] | ' | ' | ' |
Stock Repurchase Program, Increase (Decrease) in Authorized Shares | ' | ' | 25 |
Ownership interest percentage, investment in Dynamic Fuels, LLC joint venture | 50.00% | ' | ' |
Variable interest entity total assets | $160 | $166 | ' |
Variable interest entity net property, plant and equipment | 138 | 142 | ' |
Variable interest entity total liabilities | 113 | 113 | ' |
Variable interest entity long-term debt | $100 | $100 | ' |
Accounting_Policies_Share_Repu
Accounting Policies Share Repurchases (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 31, 2014 |
Class A [Member] | Class A [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Open market repurchases to fund certain obligations under equity compensation plans [Member] | Open market repurchases to fund certain obligations under equity compensation plans [Member] | Share Repurchase Program [Member] | |||
Class A [Member] | Class A [Member] | Class A [Member] | Class A [Member] | Class A [Member] | |||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | $159 | $115 | $159 | $115 | $150 | $100 | $9 | $15 | ' |
Treasury Stock, Shares, Acquired | ' | ' | 4.9 | 5.9 | 4.6 | 5.1 | 0.3 | 0.8 | ' |
Remaining shares available to repurchase | ' | ' | ' | ' | 9.6 | ' | ' | ' | ' |
Stock Repurchase Program, Increase (Decrease) in Authorized Shares | ' | ' | ' | ' | ' | ' | ' | ' | 25 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | Series of Individually Immaterial Business Acquisitions [Member] | ||
business | |||
Business Acquisition [Line Items] | ' | ' | ' |
Number of Businesses Acquired | ' | ' | 2 |
Acquisitions, net of cash acquired | ' | ' | $106 |
Purchase price of property, plant and equipment | ' | ' | 50 |
Purchase price of intangible assets | ' | ' | 41 |
Goodwill | $1,907 | $1,902 | $12 |
Discontinued_Operation_Summary
Discontinued Operation (Summary of Discontinued Operation's Results) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Loss from discontinued operation, net of tax | $0 | ($4) |
Weifang Operation [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Sales | 0 | 36 |
Pretax loss | 0 | -4 |
Income tax expense | 0 | 0 |
Loss from discontinued operation, net of tax | $0 | ($4) |
Discontinued_Operation_Narrati
Discontinued Operation (Narrative) (Details) (Weifang Operation [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
Weifang Operation [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Asset Impairment Charges | $56 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Processed Products - Weighted-average method b chicken, prepared foods and international | $780 | $799 |
Processed Products - First-in, first-out method b beef and pork | 622 | 624 |
Livestock b first-in, first-out method | 982 | 1,002 |
Supplies and other b weighted-average method | 394 | 392 |
Total inventories | $2,778 | $2,817 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $9,305 | $9,202 |
Less accumulated depreciation | 5,233 | 5,149 |
Net property, plant and equipment | 4,072 | 4,053 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 99 | 100 |
Buildings And Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,958 | 2,945 |
Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,535 | 5,504 |
Land Improvements And Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 421 | 417 |
Buildings And Equipment Under Construction [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $292 | $236 |
Other_Current_Liabilities_Sche
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Accrued salaries, wages and benefits | $293 | $419 |
Self-insurance reserves | 268 | 267 |
Income taxes payable | 143 | 111 |
Other | 373 | 341 |
Total other current liabilities | $1,077 | $1,138 |
Debt_Major_Components_Of_Debt_
Debt (Major Components Of Debt) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 30, 2008 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member] | 6.60% Senior Notes Due April 2016 (2016 Notes) [Member] | 6.60% Senior Notes Due April 2016 (2016 Notes) [Member] | 7.00% Notes Due May 2018 [Member] | 7.00% Notes Due May 2018 [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 7.00% Notes Due January 2028 [Member] | 7.00% Notes Due January 2028 [Member] | GO Zone Tax-Exempt Bonds Due October 2033 [Member] | GO Zone Tax-Exempt Bonds Due October 2033 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | 0 | 458 | ' | 638 | 638 | 120 | 120 | 1,000 | 1,000 | ' | 18 | 18 | ' | ' |
Discount on senior notes | -5 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ' | ' | ' |
GO Zone tax-exempt bonds due October 2033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 |
Other | 71 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 1,942 | 2,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current debt | 52 | 513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | $1,890 | $1,895 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | 3.25% | ' | ' | 7.00% | ' | 4.50% | ' | 4.50% | 7.00% | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Oct. 15, 2013 | Sep. 30, 2008 | Oct. 15, 2013 | Dec. 28, 2013 | Sep. 30, 2008 | Sep. 27, 2008 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 28, 2013 | Oct. 31, 2008 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
Share data in Millions, except Per Share data, unless otherwise specified | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | GO Zone Tax-Exempt Bonds Due October 2033 [Member] | GO Zone Tax-Exempt Bonds Due October 2033 [Member] | Standby Letters of Credit [Member] | Bilateral Letters Of Credit [Member] | ||
Class A [Member] | Class A [Member] | Class A [Member] | Prior To Credit Rating Adjustment [Member] | After Credit Rating Adjustment [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available for borrowing under credit facility | 964,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | 146,000,000 |
Debt instrument, face amount | ' | ' | ' | 458,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 3.25% | ' | ' | ' | 6.60% | ' | ' | 4.50% | 4.50% | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 458,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redeemed or Called During Period, Shares | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares able to be purchased through warrants | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants, per share | ' | ' | ' | ' | ' | ' | 22.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in stock price that would result in the issuance of additional stock | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price factoring convertible note hedge and warrant transactions, per share | ' | ' | ' | ' | ' | $22.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional stock issuance if increase in share price of ten percent | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | $33.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Stock Issuance Required if Warrants are Exercised at Price Equal to Period End Closing Share Price | ' | ' | ' | ' | ' | 9.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | 6.85% | 6.60% | ' | ' | ' | 0.05% | ' | ' |
Debt Instrument, Unamortized Discount | 5,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Issue price percent of face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.46% | ' | ' | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 995,000,000 | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' |
Proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Syntroleum Corporation Responsibility of Guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Syntroleum Corporation Maximum Guarantee Responsibility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective tax rate for continuing operations | 34.30% | 35.80% | ' |
Unrecognized tax benefits | $169 | ' | $175 |
Unrecognized tax benefits that would impact effective tax rate | 144 | ' | 149 |
Unrecognized tax benefits, income tax penalties and interest accrued | 69 | ' | 63 |
Unrecognized tax benefits, reductions that could result from tax audit resolutions | $41 | ' | ' |
Other_Income_And_Charges_Detai
Other Income And Charges (Details) (Other Income/Expense [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Other Income/Expense [Member] | ' | ' |
Components of Other Income and Expenses [Line Items] | ' | ' |
Recognized currency translation adjustment gain | $2 | $3 |
Foreign currency exchange gains, net | 1 | 3 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $6 | ' |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Income from continuing operations | $252 | $172 |
Less: Net loss attributable to noncontrolling interest | -2 | -5 |
Net income from continuing operations attributable to Tyson | 254 | 177 |
Undistributed earnings | 220 | 121 |
Stock options and restricted stock | 5 | 5 |
Convertible 2013 Notes | 0 | 2 |
Warrants | 8 | 0 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 354 | 362 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Diluted | $0.72 | $0.49 |
Net Income Per Share Attributable to Tyson - Diluted | $0.72 | $0.48 |
Class A [Member] | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Less Dividends Declared: | 28 | 46 |
Undistributed earnings | 179 | 99 |
Weighted average number of shares outstanding - Basic | 271 | 285 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $0.76 | $0.51 |
Net Income Per Share Attributable to Tyson - Basic | $0.76 | $0.50 |
Class B [Member] | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Less Dividends Declared: | 6 | 10 |
Undistributed earnings | $41 | $22 |
Weighted average number of shares outstanding - Basic | 70 | 70 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $0.68 | $0.46 |
Net Income Per Share Attributable to Tyson - Basic | $0.68 | $0.45 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Number Of Classes Of Common Stock | 2 | ' |
Percentage amount of per share cash dividends paid to holders of Class B stock that cannot exceed paid to holders of Class A stock | 90.00% | ' |
Class A [Member] | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Undistributed earnings (losses), ratio used to calculate allocation to class of stock | 1 | ' |
Class B [Member] | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Undistributed earnings (losses), ratio used to calculate allocation to class of stock | 0.9 | ' |
Stock Compensation Plan [Member] | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, shares | 5 | 8 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Cash Flow Hedges) (Details) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | bu | bu |
Corn (in bushels) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 8,000,000 | 5,000,000 |
Soy Meal (in tons) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 126,700 | 96,800 |
Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 29 | 60 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | ($3) | ($13) |
Gain/(Loss) Reclassified from OCI to Earnings | 0 | 2 |
Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | -2 | -13 |
Commodity Contracts [Member] | Cost of Sales [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Reclassified from OCI to Earnings | 0 | 4 |
Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | -1 | 0 |
Foreign Currency [Member] | Other Income/Expense [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Reclassified from OCI to Earnings | $0 | ($2) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Fair Value Hedges) (Details) (Fair Value Hedging [Member], Designated as Hedging Instrument [Member]) | Dec. 28, 2013 | Sep. 28, 2013 |
lb | lb | |
Live Cattle (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 233,000,000 | 209,000,000 |
Lean Hogs (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 368,000,000 | 384,000,000 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) (Fair Value Hedging [Member], Cost of Sales [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) on forwards | ($6) | $4 |
Purchase Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) on forwards | $6 | ($4) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Undesignated Positions) (Details) (Not Designated as Hedging Instrument [Member], USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | bu | bu |
Corn (in bushels) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 28,000,000 | 69,000,000 |
Soy Meal (in tons) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 219,800 | 204,600 |
Soy Oil (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 0 | 11,000,000 |
Live Cattle (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 28,000,000 | 60,000,000 |
Lean Hogs (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 75,000,000 | 159,000,000 |
Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 203 | 95 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in Earnings | ($1) | $5 |
Commodity Contracts [Member] | Sales [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in Earnings | 2 | 11 |
Commodity Contracts [Member] | Cost of Sales [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in Earnings | -2 | -7 |
Foreign Currency [Member] | Other Income/Expense [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/(Loss) Recognized in Earnings | ($1) | $1 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Fair Value Of All Derivative Instruments) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative Assets | $27 | $32 |
Derivative Liabilities | 57 | 102 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 8 | 5 |
Derivative Liabilities | 29 | 29 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 8 | 4 |
Derivative Liabilities | 29 | 29 |
Designated as Hedging Instrument [Member] | Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 0 | 1 |
Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 19 | 27 |
Derivative Liabilities | 28 | 73 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 18 | 25 |
Derivative Liabilities | 26 | 72 |
Not Designated as Hedging Instrument [Member] | Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 1 | 2 |
Derivative Liabilities | $2 | $1 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
M | |
Derivative [Line Items] | ' |
Maximum length of time hedged forecasted transactions, months | '18 months |
Maximum length Of time hedged undesignated positions, months | 18 |
Grain [Member] | ' |
Derivative [Line Items] | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -9 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets and liabilities posted cash collateral | $35 | $79 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 1 | 2 |
Available-for-Sale Securities, Current | 1 | 1 |
Available for Sale Securities, Noncurrent | 93 | 93 |
Deferred Compensation Assets | 221 | 214 |
Total Assets | 323 | 318 |
Foreign Exchange Forward Contracts, Liabilities | 1 | 1 |
Total Liabilities | 3 | 1 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | 0 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 3 | 4 |
Deferred Compensation Assets | 13 | 23 |
Total Assets | 16 | 27 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 1 | 3 |
Available-for-Sale Securities, Current | 1 | 1 |
Available for Sale Securities, Noncurrent | 26 | 24 |
Deferred Compensation Assets | 208 | 191 |
Total Assets | 262 | 248 |
Foreign Exchange Forward Contracts, Liabilities | 2 | 1 |
Total Liabilities | 57 | 102 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | 0 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 64 | 65 |
Deferred Compensation Assets | 0 | 0 |
Total Assets | 64 | 65 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | -1 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 0 | 0 |
Deferred Compensation Assets | 0 | 0 |
Total Assets | -19 | -22 |
Foreign Exchange Forward Contracts, Liabilities | -1 | 0 |
Total Liabilities | -54 | -101 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 7 | 8 |
Derivative Financial Instruments, Liabilities | 2 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 0 | 0 |
Derivative Financial Instruments, Liabilities | 0 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 26 | 29 |
Derivative Financial Instruments, Liabilities | 55 | 101 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 0 | 0 |
Derivative Financial Instruments, Liabilities | 0 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | -19 | -21 |
Derivative Financial Instruments, Liabilities | ($53) | ($101) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance at beginning of year | $65 | $86 |
Total realized gains (losses) included in earnings | 0 | 0 |
Total unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 |
Purchases | 7 | 3 |
Issuances | 0 | 0 |
Settlements | -8 | -4 |
Balance at end of period | 64 | 85 |
Total gains (losses) for the nine-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $0 | $0 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 |
U.S. Treasury and Agency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unrealized Gain/(Loss) | $0 | $0 |
Amortized Cost Basis | 27 | 25 |
Fair Value | 27 | 25 |
Corporate And Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unrealized Gain/(Loss) | 1 | 1 |
Amortized Cost Basis | 63 | 64 |
Fair Value | 64 | 65 |
Common Stock and Warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unrealized Gain/(Loss) | 0 | -5 |
Amortized Cost Basis | 3 | 9 |
Fair Value | 3 | 4 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $6 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of shares of Syntroleum Corporation acquired | 0.8 | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of warrants to purchase equivalent amount of shares in Syntroleum Corporation | 0.4 | ' |
Exercise price of warrants, per share | 28.7 | ' |
Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short Term Investment Maturity Period | '12 months | ' |
Available For Sale Securities Debt Maturity Period | '35 years | ' |
Fair_Value_Measurements_Schedu3
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Total Debt, Fair Value | $2,058 | $2,541 |
Total Debt, Carrying Value | $1,942 | $2,408 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurement (Narrative) (Details) (Common Stock and Warrants [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Common Stock and Warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $6 |
Other_Comprehensive_Income_Com
Other Comprehensive Income (Components Of Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Total Other Comprehensive Income (Loss), Before Tax | ($8) | ($19) |
Total Other Comprehensive Income (Loss), Tax | 0 | 8 |
Total Other Comprehensive Income (Loss), Net of Taxes | -8 | -11 |
Derivatives accounted for as cash flow hedges [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | -3 | -13 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 1 | 5 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | -2 | -8 |
Derivatives accounted for as cash flow hedges [Member] | Cost of Sales [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 0 | -4 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | 2 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | -2 |
Derivatives accounted for as cash flow hedges [Member] | Other Income/Expense [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 0 | 2 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | -1 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 1 |
Investments [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | -1 | -4 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 0 | 2 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | -1 | -2 |
Investments [Member] | Other Income/Expense [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 6 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Tax | -2 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 4 | 0 |
Currency translation [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | -11 | -1 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | -11 | -1 |
Postretirement benefits [Member] | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Total Other Comprehensive Income (Loss), Before Tax | 1 | 1 |
Total Other Comprehensive Income (Loss), Tax | 1 | 0 |
Total Other Comprehensive Income (Loss), Net of Taxes | $2 | $1 |
Segment_Reporting_Segment_Repo
Segment Reporting (Segment Reporting Information, By Segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Sales | $8,761 | $8,366 |
Operating Income (Loss) | 412 | 304 |
Total Other (Income) Expense | 29 | 36 |
Income from Continuing Operations before Income Taxes | 383 | 268 |
Operating Segments [Member] | Chicken [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 2,656 | 2,595 |
Operating Income (Loss) | 253 | 113 |
Operating Segments [Member] | Beef [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 3,734 | 3,485 |
Operating Income (Loss) | 58 | 46 |
Operating Segments [Member] | Pork [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 1,424 | 1,363 |
Operating Income (Loss) | 121 | 125 |
Operating Segments [Member] | Prepared Foods [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 907 | 841 |
Operating Income (Loss) | 16 | 33 |
Operating Segments [Member] | International [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 327 | 327 |
Operating Income (Loss) | -28 | -2 |
Intersegment Elimination [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | -287 | -265 |
Intersegment Elimination [Member] | Chicken [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 2 | 2 |
Intersegment Elimination [Member] | Beef [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 63 | 43 |
Intersegment Elimination [Member] | Pork [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 222 | 220 |
Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 0 | 20 |
Operating Income (Loss) | ($8) | ($11) |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Segments | ||
Segment Reporting Information [Line Items] | ' | ' |
Sales | $8,761 | $8,366 |
Number of Operating Segments | 5 | ' |
Operating Income (Loss) | 412 | 304 |
Operating Segments [Member] | Chicken [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 2,656 | 2,595 |
Operating Income (Loss) | 253 | 113 |
Operating Segments [Member] | Beef [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 3,734 | 3,485 |
Operating Income (Loss) | 58 | 46 |
Operating Segments [Member] | Pork [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 1,424 | 1,363 |
Operating Income (Loss) | 121 | 125 |
Intersegment Elimination [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | -287 | -265 |
Intersegment Elimination [Member] | Chicken [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 2 | 2 |
Intersegment Elimination [Member] | Beef [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 63 | 43 |
Intersegment Elimination [Member] | Pork [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | $222 | $220 |
Commitments_And_Contingencies_
Commitments And Contingencies Commitments (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Millions, unless otherwise specified | Guarantee of Indebtedness of Others [Member] | Residual Value Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Period (in years) | ' | ' | '10 years | ' |
Maximum potential amount | ' | ' | $54 | $49 |
Guarantor Obligations, Maximum Exposure, Remaining Lease Period (in years) | ' | ' | ' | '14 years |
Amount recoverable through various recourse provisions | ' | ' | ' | 43 |
Potential maximum obligation under cash flow assistance programs | 310 | ' | ' | ' |
Total receivables under cash flow assistance programs | 42 | 44 | ' | ' |
Uncollectible receivables estimated under cash flow assistance programs | $14 | $15 | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies Contingencies (Details) (USD $) | Dec. 28, 2013 | Dec. 07, 2012 | Mar. 17, 2011 | Sep. 26, 2011 | Oct. 31, 2012 | 31-May-13 | Oct. 26, 2013 | Dec. 28, 2013 | Oct. 31, 2010 | Oct. 20, 2010 | Jun. 30, 2005 | Jun. 30, 2005 | Jun. 30, 2005 | Jan. 30, 2014 |
Tyson Fresh Meats Inc [Member] | Garcia Case [Member] | Garcia Case [Member] | Bouaphakeo Case [Member] | Bouaphakeo Case [Member] | Acosta Case [Member] | Gomez Case [Member] | Carter Case [Member] | Tyson Prepared Foods Plant [Member] | Tyson Prepared Foods Plant [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | Acosta Case [Member] | |
Claims | Plantiffs | Claims | acre | Poultry Integrators [Member] | Subsidiaries [Member] | |||||||||
Integrators | Subsidiary | |||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of cases filed | 11 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | ' | ' | $503,011 | $5,784,758 | ' | $5,733,943 | $4,960,787 | ' | ' | ' | ' | ' | ' | $18,774,989 |
Granted application for attorneys fees and expenses | ' | 3,609,723 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Filed application for attorneys' fees and expenses | ' | ' | ' | ' | 2,692,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Amount | ' | ' | ' | ' | ' | ' | ' | 950,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Plaintiffs | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Loss Contingency, Number of Defendants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 3 | ' |
Area of land encompassed, acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Loss contingency, damages sought | ' | ' | ' | ' | ' | $6,258,330 | ' | ' | ' | ' | $800,000,000 | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | $8,761 | $8,366 |
Cost of Sales | 8,076 | 7,827 |
Gross Profit | 685 | 539 |
Selling, general and administrative | 273 | 235 |
Operating Income (Loss) | 412 | 304 |
Other (Income) Expense: | ' | ' |
Interest expense, net | 26 | 36 |
Other, net | 3 | 0 |
Equity in net earnings of subsidiaries | 0 | 0 |
Total Other (Income) Expense | 29 | 36 |
Income from Continuing Operations before Income Taxes | 383 | 268 |
Income Tax Expense | 131 | 96 |
Income from Continuing Operations | 252 | 172 |
Loss from Discontinued Operation, Net of Tax | 0 | -4 |
Net Income | 252 | 168 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | -2 | -5 |
Net Income Attributable to Tyson | 254 | 173 |
Comprehensive Income (Loss) | 244 | 157 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -5 |
Comprehensive Income Attributable to Tyson | 246 | 162 |
TFI Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 167 | 75 |
Cost of Sales | 17 | 16 |
Gross Profit | 150 | 59 |
Selling, general and administrative | 23 | 20 |
Operating Income (Loss) | 127 | 39 |
Other (Income) Expense: | ' | ' |
Interest expense, net | 5 | 8 |
Other, net | 6 | 0 |
Equity in net earnings of subsidiaries | -175 | -149 |
Total Other (Income) Expense | -164 | -141 |
Income from Continuing Operations before Income Taxes | 291 | 180 |
Income Tax Expense | 37 | 7 |
Income from Continuing Operations | 254 | 173 |
Loss from Discontinued Operation, Net of Tax | 0 | 0 |
Net Income | 254 | 173 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net Income Attributable to Tyson | 254 | 173 |
Comprehensive Income (Loss) | 244 | 157 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 |
Comprehensive Income Attributable to Tyson | 244 | 157 |
TFM Parent, Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 5,048 | 4,750 |
Cost of Sales | 4,826 | 4,538 |
Gross Profit | 222 | 212 |
Selling, general and administrative | 55 | 52 |
Operating Income (Loss) | 167 | 160 |
Other (Income) Expense: | ' | ' |
Interest expense, net | 15 | 16 |
Other, net | -1 | 0 |
Equity in net earnings of subsidiaries | -6 | -24 |
Total Other (Income) Expense | 8 | -8 |
Income from Continuing Operations before Income Taxes | 159 | 168 |
Income Tax Expense | 52 | 51 |
Income from Continuing Operations | 107 | 117 |
Loss from Discontinued Operation, Net of Tax | 0 | 0 |
Net Income | 107 | 117 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net Income Attributable to Tyson | 107 | 117 |
Comprehensive Income (Loss) | 102 | 121 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 |
Comprehensive Income Attributable to Tyson | 102 | 121 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 3,987 | 3,868 |
Cost of Sales | 3,674 | 3,600 |
Gross Profit | 313 | 268 |
Selling, general and administrative | 195 | 163 |
Operating Income (Loss) | 118 | 105 |
Other (Income) Expense: | ' | ' |
Interest expense, net | 6 | 12 |
Other, net | -2 | 0 |
Equity in net earnings of subsidiaries | 0 | 0 |
Total Other (Income) Expense | 4 | 12 |
Income from Continuing Operations before Income Taxes | 114 | 93 |
Income Tax Expense | 42 | 38 |
Income from Continuing Operations | 72 | 55 |
Loss from Discontinued Operation, Net of Tax | 0 | -4 |
Net Income | 72 | 51 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | -2 | -5 |
Net Income Attributable to Tyson | 74 | 56 |
Comprehensive Income (Loss) | 63 | 50 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -5 |
Comprehensive Income Attributable to Tyson | 65 | 55 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | -441 | -327 |
Cost of Sales | -441 | -327 |
Gross Profit | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Operating Income (Loss) | 0 | 0 |
Other (Income) Expense: | ' | ' |
Interest expense, net | 0 | 0 |
Other, net | 0 | 0 |
Equity in net earnings of subsidiaries | 181 | 173 |
Total Other (Income) Expense | 181 | 173 |
Income from Continuing Operations before Income Taxes | -181 | -173 |
Income Tax Expense | 0 | 0 |
Income from Continuing Operations | -181 | -173 |
Loss from Discontinued Operation, Net of Tax | 0 | 0 |
Net Income | -181 | -173 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 |
Net Income Attributable to Tyson | -181 | -173 |
Comprehensive Income (Loss) | -165 | -171 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 |
Comprehensive Income Attributable to Tyson | ($165) | ($171) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $825 | $1,145 | $951 | $1,071 |
Accounts receivable, net | 1,497 | 1,497 | ' | ' |
Inventories | 2,778 | 2,817 | ' | ' |
Other current assets | 130 | 145 | ' | ' |
Total Current Assets | 5,230 | 5,604 | ' | ' |
Net Property, Plant and Equipment | 4,072 | 4,053 | ' | ' |
Goodwill | 1,907 | 1,902 | ' | ' |
Intangible Assets | 133 | 138 | ' | ' |
Other Assets | 502 | 480 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 11,844 | 12,177 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 52 | 513 | ' | ' |
Accounts payable | 1,477 | 1,359 | ' | ' |
Other current liabilities | 1,077 | 1,138 | ' | ' |
Total Current Liabilities | 2,606 | 3,010 | ' | ' |
Long-Term Debt | 1,890 | 1,895 | ' | ' |
Deferred Income Taxes | 450 | 479 | ' | ' |
Other Liabilities | 582 | 560 | ' | ' |
Total Tyson Shareholders' Equity | 6,285 | 6,201 | ' | ' |
Noncontrolling Interest | 31 | 32 | ' | ' |
Total Shareholders' Equity | 6,316 | 6,233 | ' | ' |
Total Liabilities and Shareholders' Equity | 11,844 | 12,177 | ' | ' |
TFI Parent [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 1 |
Accounts receivable, net | 1 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 36 | 351 | ' | ' |
Total Current Assets | 37 | 351 | ' | ' |
Net Property, Plant and Equipment | 31 | 32 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible Assets | 0 | 0 | ' | ' |
Other Assets | 897 | 895 | ' | ' |
Investment in Subsidiaries | 12,141 | 11,975 | ' | ' |
Total Assets | 13,106 | 13,253 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 0 | 457 | ' | ' |
Accounts payable | 30 | 27 | ' | ' |
Other current liabilities | 4,858 | 4,625 | ' | ' |
Total Current Liabilities | 4,888 | 5,109 | ' | ' |
Long-Term Debt | 1,771 | 1,770 | ' | ' |
Deferred Income Taxes | 20 | 24 | ' | ' |
Other Liabilities | 142 | 149 | ' | ' |
Total Tyson Shareholders' Equity | 6,285 | 6,201 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | 6,285 | 6,201 | ' | ' |
Total Liabilities and Shareholders' Equity | 13,106 | 13,253 | ' | ' |
TFM Parent, Guarantors [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 10 | 21 | 20 | 9 |
Accounts receivable, net | 594 | 571 | ' | ' |
Inventories | 1,034 | 1,039 | ' | ' |
Other current assets | 49 | 88 | ' | ' |
Total Current Assets | 1,687 | 1,719 | ' | ' |
Net Property, Plant and Equipment | 899 | 891 | ' | ' |
Goodwill | 880 | 881 | ' | ' |
Intangible Assets | 19 | 21 | ' | ' |
Other Assets | 167 | 162 | ' | ' |
Investment in Subsidiaries | 2,035 | 2,035 | ' | ' |
Total Assets | 5,687 | 5,709 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 0 | 132 | ' | ' |
Accounts payable | 746 | 575 | ' | ' |
Other current liabilities | 191 | 200 | ' | ' |
Total Current Liabilities | 937 | 907 | ' | ' |
Long-Term Debt | 678 | 679 | ' | ' |
Deferred Income Taxes | 75 | 93 | ' | ' |
Other Liabilities | 163 | 155 | ' | ' |
Total Tyson Shareholders' Equity | 3,834 | 3,875 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | 3,834 | 3,875 | ' | ' |
Total Liabilities and Shareholders' Equity | 5,687 | 5,709 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 815 | 1,124 | 931 | 1,061 |
Accounts receivable, net | 902 | 926 | ' | ' |
Inventories | 1,744 | 1,778 | ' | ' |
Other current assets | 116 | 117 | ' | ' |
Total Current Assets | 3,577 | 3,945 | ' | ' |
Net Property, Plant and Equipment | 3,142 | 3,130 | ' | ' |
Goodwill | 1,027 | 1,021 | ' | ' |
Intangible Assets | 114 | 117 | ' | ' |
Other Assets | 254 | 244 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 8,114 | 8,457 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 78 | 251 | ' | ' |
Accounts payable | 701 | 757 | ' | ' |
Other current liabilities | 826 | 901 | ' | ' |
Total Current Liabilities | 1,605 | 1,909 | ' | ' |
Long-Term Debt | 234 | 241 | ' | ' |
Deferred Income Taxes | 355 | 362 | ' | ' |
Other Liabilities | 300 | 282 | ' | ' |
Total Tyson Shareholders' Equity | 5,589 | 5,631 | ' | ' |
Noncontrolling Interest | 31 | 32 | ' | ' |
Total Shareholders' Equity | 5,620 | 5,663 | ' | ' |
Total Liabilities and Shareholders' Equity | 8,114 | 8,457 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | -71 | -411 | ' | ' |
Total Current Assets | -71 | -411 | ' | ' |
Net Property, Plant and Equipment | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible Assets | 0 | 0 | ' | ' |
Other Assets | -816 | -821 | ' | ' |
Investment in Subsidiaries | -14,176 | -14,010 | ' | ' |
Total Assets | -15,063 | -15,242 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | -26 | -327 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Other current liabilities | -4,798 | -4,588 | ' | ' |
Total Current Liabilities | -4,824 | -4,915 | ' | ' |
Long-Term Debt | -793 | -795 | ' | ' |
Deferred Income Taxes | 0 | 0 | ' | ' |
Other Liabilities | -23 | -26 | ' | ' |
Total Tyson Shareholders' Equity | -9,423 | -9,506 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | -9,423 | -9,506 | ' | ' |
Total Liabilities and Shareholders' Equity | ($15,063) | ($15,242) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash Provided by (Used for) Operating Activities | $361 | $190 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -140 | -157 |
(Purchases of)/ Proceeds from marketable securities, net | -1 | 1 |
Other, net | -3 | 4 |
Cash Used for Investing Activities | -144 | -152 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -373 | -11 |
Purchases of Tyson Class A common stock | -159 | -115 |
Dividends | -25 | -53 |
Stock options exercised | 12 | 19 |
Other, net | 5 | 2 |
Net change in intercompany balances | 0 | 0 |
Cash Used for Financing Activities | -540 | -158 |
Effect of Exchange Rate Changes on Cash | 3 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | -320 | -120 |
Cash and Cash Equivalents at Beginning of Year | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | 825 | 951 |
TFI Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash Provided by (Used for) Operating Activities | -4 | 21 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -1 | -2 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | 0 |
Other, net | 0 | 0 |
Cash Used for Investing Activities | -1 | -2 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -367 | 0 |
Purchases of Tyson Class A common stock | -159 | -115 |
Dividends | -25 | -53 |
Stock options exercised | 12 | 19 |
Other, net | 5 | 3 |
Net change in intercompany balances | 539 | 126 |
Cash Used for Financing Activities | 5 | -20 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | -1 |
Cash and Cash Equivalents at Beginning of Year | 0 | 1 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
TFM Parent, Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash Provided by (Used for) Operating Activities | 284 | 234 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -35 | -24 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | 0 |
Other, net | 1 | 0 |
Cash Used for Investing Activities | -34 | -24 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | 0 | 0 |
Stock options exercised | 0 | 0 |
Other, net | 0 | 0 |
Net change in intercompany balances | -261 | -199 |
Cash Used for Financing Activities | -261 | -199 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | -11 | 11 |
Cash and Cash Equivalents at Beginning of Year | 21 | 9 |
Cash and Cash Equivalents at End of Period | 10 | 20 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash Provided by (Used for) Operating Activities | 81 | -65 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -104 | -131 |
(Purchases of)/ Proceeds from marketable securities, net | -1 | 1 |
Other, net | -4 | 4 |
Cash Used for Investing Activities | -109 | -126 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -6 | -11 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | 0 | 0 |
Stock options exercised | 0 | 0 |
Other, net | 0 | -1 |
Net change in intercompany balances | -278 | 73 |
Cash Used for Financing Activities | -284 | 61 |
Effect of Exchange Rate Changes on Cash | 3 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | -309 | -130 |
Cash and Cash Equivalents at Beginning of Year | 1,124 | 1,061 |
Cash and Cash Equivalents at End of Period | 815 | 931 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash Provided by (Used for) Operating Activities | 0 | 0 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | 0 | 0 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | 0 |
Other, net | 0 | 0 |
Cash Used for Investing Activities | 0 | 0 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | 0 | 0 |
Stock options exercised | 0 | 0 |
Other, net | 0 | 0 |
Net change in intercompany balances | 0 | 0 |
Cash Used for Financing Activities | 0 | 0 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 |
Cash and Cash Equivalents at End of Period | $0 | $0 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements (Narrative) (Details) (USD $) | Dec. 28, 2013 |
In Billions, unless otherwise specified | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Amount available under credit facility | $1 |